30  YEARS  TO  RUN. 


ISSUED  BY 


THEY  ARE  A 


FIRST  MORTGAGE  SINKING  FUND  BOND, 

Jrze  of  United  {Stated  Jax, 

SECURED  BY  ONE  MILLION  SIX  HUNDRED  AND  THIRTY-TWO  THOUSAND 
ACRES  OF  CHOICE  LANDS,  AND  BY  THE  RAILROAD,  ITS 
ROLLING  STOCK,  AND  THE  FRANCHISES 
OF  THE  COMPANY. 

A  DOUBLE  SECURITY 

AND 

FIRST  CLASS  INVESTMENT  IN  EVERY  RESPECT, 

YIELDING  IN  CURRENCY  NEARLY 

TEN  PER  CENT.  PER  ANNUM. 

PRESENT  PRICE  95  CENTS  AND  INTEREST. 


CAPITAL  STOCK,  $5,000,000.  FIRST  MORTGAGE  BONDS,  $4,500,000. 


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$4,500,000 


ISSUED  BY 


THEY  ARE  A 


FIRST  MORTGAGE  SINKING  FUND  BOND, 


pREE  of  United  JStatep  Jax, 

SECURED  BY  ONE  MILLION  SIX  HUNDRED  AND  THIRTY-TWO  THOUSAND 
ACRES  OF  CHOICE  LANDS,  AND  BY  THE  RAILROAD,  ITS 
ROLLING  STOCK,  AND  THE  FRANCHISES 
OF  THE  COMPANY. 

•  A  DOUBLE  SECURITY 

AND 

FIRST  CLASS  INVESTMENT  IN  EVERY  RESPECT, 

YIELDING  IN  CURRENCY  NEARLY 

TEH  PER  CENT.  PER  ANNUM. 

PRESENT  PRICE  95  CENTS  AND  INTEREST. 


CAPITAL  STOCK,  $5,000,000.  FIRST  MORTGAGE  BONDS,  $4,500,000. 


M’LAUGHLIN  BROTHERS,  PRINTERS, 

114  South  Third  street. 

1869. 


\ 


^  RESIDENT. 

WILLIAM  L.  BANNING,  St.  Paul,  Minnesota. 


y 


yiCE  ^RESIDENT. 

SAMUEL  M.  FELTON,  Philadelphia,  Pennsylvania. 

V 


^ECRETARY  AND  REASURER, 

ROBERT  H.  LAMBORN,  Philadelphia,  Pennsylvania. 


pHIEF  pNGINEER. 

GATES  A.  JOHNSON,  St.  Paul,  Minnesota. 


POUNSED. 


JAMES  SMITH,  Jr.,  St.  Paul,  Minnesota. 


Jrustees. 

I.  EDGAR  THOMSON,  Philadelphia,  Pennsylvania. 
WILLIAM  G.  MOORHEAD,  Philadelphia,  Pennsylvania. 


J30ARD-  OF  piRECTORS. 


J.  EDGAR  THOMSON, 
SAMUEL  M.  FELTON, 
ISAAC  HINCKLEY, 


WM.  L.  BANNING, 
JAS.  SMITH,  Jr., 
JACOB  H.  STEWART, 
ROBERT  A.  SMITH, 
THOMAS  A.  SCOTT 


WM.  G.  MOORHEAD, 

HENRY  S.  McCOMB, 

J.  HINCKLEY  CLARK. 


pXECUTIYE  po  MM  ITT  EE. 

S.  M.  FELTON,  T.  EDGAR  THOMSON, 

ISAAC  HINCKLEY. 


3 


LIBRARY 

UNIVERSITY  OF  ILLINOIS 
AT  UR6ANA- CHAMPAIGN 


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L  %.  .  . 


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... 


QUESTIONS  AND  ANSWERS 


ABOUT  THE  NEW 


SEVEN  PER  CENT.  GOLD  LOAN! 


$4,500,000. 


Question.  What  is  this  new  Gold  Loan  ? 

Answer.  It  is  a  first-mortgage  Railroad  Bond,  issued  by  the  Lake 
Superior  and  .Mississippi  River  Railroad  Company,  principal  and  interest 
payable  in  gold  at  the  office  of  the  agency  of  the  Company,  in  the  city 
of  New  York. 

Q.  How  is  it  secured  ? 

A.  By  a  first  lien  upon  1,632,000  acres  of  splendid  land  in  Minnesota, 
lying  on  each  side  of  the  Railroad,  and  a  first  mortgage  upon  the  Rail¬ 
road  itself,  its  rolling  stock  and  all  its  other  property. 

Q.  How  long  have  these  Bonds  to  run  ? 

A.  About  30  years,  which  gives  them  a  great  superiority  over  the 
shorter  bonds  now  in  the  market. 

Q.  When  and  where  is  the  interest  payable  ? 

A.  The  bonds  have  coupons,  payable  at  the  agency  of  the  Company, 
in  New  York,  in  gold,  every  six  months,  and  the  principal,  when  due,  is 
also  payable  there  in  gold. 

Q.  Do  you  consider  these  bonds  a  perfectly  safe  investment  ? 

A.  Yes;  we  do  not  hesitate  to  recommend  them  to  our  friends  and 
customers,  as  being  just  as  safe  as  the  bonds  of  the  Government.  Our 
reasons  are  these : 

1st. — First-mortgage  bonds  upon  first-class  railroads  are  acknowledged 
by  all  to  be  even  safer  than  a  first  mortgage  on  a  dwelling  or  store,  and 
give  far  less  trouble  in  the  collection  of  the  interest. 


5 


6 


2d. — We  have  been  selling  railroad  first-mortgage  bonds  for  oyer 
thirty  years,  and  in  looking  over  a  list  of  those  we  have  sold  up  to  this 
time  we  find  not  one  which  has  not  turned  out  to  be  a  first-class,  safe 
investment. 

3d. — All  the  railroad  bonds  we  have  heretofore  sold  have  been  merely 
first  mortgages  upon  the  railroads  themselves,  and  with  that  security 
alone  have  proved  abundantly  safe;  but  these  bonds  which  we  now  offer, 
and  which  we  say  are  the  very  best  we  have  ever  sold,  have,  in  addition 
to  the  usual  first-mortgage  upon  the  Railroad,  the  further  extraordinary 
security  of  the  most  valuable  land-endowment  now  owned  by  any  rail¬ 
road  in  the  United  States. 

Q.  How  much  land  has  this  Railroad,  and  where  is  it  ? 

A.  One  million  six  hundred  and  thirty-two  thousand  acres  of  Pine  and 
hard  wood  timber,  Oak  openings,  prairie  and  natural  meadow,  lying  on 
each  side  of  and  near  to  the  road,  for  over  one  hundred  and  twenty  miles 
of  its  length,  which  is  one  hundred  and  fifty  miles ;  connecting  the  city 
of  St.  Paul,  the  head  of  navigation  of  the  Mississippi  River,  with  Lake 
Superior,  at  Du  Luth,  the  extreme  westerly  point  of  the  Lake.  The 
area  of  this  domain  is  greater  than  that  of  the  State  of  Delaware,  and 
far  more  valuable  for  agricultural  and  other  purposes. 

Q.  When  will  the  Railroad  be  finished  and  in  operation  ? 

A.  Thirty  miles,  reaching  from  St.  Paul  towards  the  Lake,  is  com¬ 
pleted  and  being  run.  A  portion  of  the  balance  is  graded ;  the  cross-ties 
are  being  delivered,  and  the  whole  line  is  expected  to  be  complete  to 
Lake  Superior  by  the  1st  of  January  next. 

Q.  Will  there  be,  immediately ,  a  large  and  profitable  busi¬ 
ness  over  this  road  ? 

A.  Yes.  Five  prosperous  railroads  now  terminating  at  St.  Paul  will 
be  feeders  to  and  receivers  from  this  road,  and  they  are  all  impatiently 
waiting  for  its  completion.  As  the  bulk  of  the  Wheat  and  other  Grain 
crops  of  Minnesota  is  brought  to  St.  Paul,  this  new  route  being  only  one 
hundred  and  fifty  miles  to  Lake  Superior,  against  four  hundred  and  forty 
miles  to  Chicago,  on  Lake  Michigan,  will  save  two  hundred  and  ninety 
miles  of  railroad  transportation — equivalent  to  20  cents  a  bushel. 

Q.  How  does  the  distance  by  water  from  Du  Luth,  at  the  head 
of  Lahe  Superior,  to  Buffalo  and  the  seaboard,  compare  with 
that  from  Chicago,  at  the  head  of  Lahe  Michigan  ? 

A.  The  distance  is  about  the  same,  so  that  such  Railroad  will  evidently 
be  a  complete  monopoly  of  8-10ths  of  all  the  Grain  trade  of  Minnesota, 
and  the  vast  and  fertile  regions  west  and  northwest  of  it,  inasmuch  as  it 
will  save  two  hundred  and  ninety  miles  of  costly  movement  by  rail. 


7 


Q.  What  other  elements  of  -prosperity  has  this  Railroad  ? 

A.  Most  railroads  have  freights  principally  in  one  direction,  the  cars 
generally  returning  empty ;  but  this  road,  while  haying  business  to  tax 
its  utmost  capacity  from  St.  Paul  and  intermediate  points,  to  the  Lake, 
will  have  return  freights,  consisting  of  merchandise,  to  supply  the  vast 
region  wTest,  southwest,  and  south  of  the  Lake ;  millions  of  feet  of  lumber, 
immense  quantities  of  slate,  fish,  and  the  various  mineral  products  of 
the  Lake  Superior  region.  The  summer  travel  also  in  each  direction 
will  be  enormous.  The  prospects  of  business  in  both  directions  are  so 
certain  that  it  is  difficult  now  to  determine  which  way  it  will  be  the 
larger.  In -the  opinion  of  the  most  experienced  railroad  men,  a  second 
track  will  have  to  be  built  immediately  after  the  completion  of  the  first. 
All  this  increases  the  security  of  the  first-mortgage  bonds. 

Q.  You  say  that  these  bonds  are  secured  by  1,632,000  acres 
of  land  in  addition  to  the  mortgage  security  upon  the  Rail¬ 
road.  How  is  this  ? 

A.  The  lands  are  held  by  the  trustees  of  the  bonds  (J.  Edgar  Thom¬ 
son,  Esq.,  President  of  the  Pennsylvania  Kailroad  Company,  and  Wm. 
G.  Moorhead,  Esq.,  of  the  firm  of  Jay  Cooke  &  Co.),  for  the  following 
purposes :  1st — Exclusively  for  the  better  security  of  the  payment  of  the 
principal  and  interest  of  the  first-mortgage  bonds.  2d — After  these 
bonds  are  all  paid  off,  and  not  till  then,  the  residue  of  the  lands,  or  the 
proceeds  thereof,  revert  to  the  treasury  of  the  Company,  for  the  benefit 
of  the  stockholders.  As  fast  as  the  lands  are  sold,  the  trustees  will  wish 
to  purchase  back  these  bonds,  which  they  are  authorized  and  required  to 
do,  at-  not  over  10  per  cent,  premium,  provided  they  can  induce  the 
holders  to  part  with  them.  Should  they  be  unable  to  purchase  these 
bonds  at  this  rate  above  par,  they  are  required  to  invest  the  balance  of 
money  on  hand,  derived  from  the  sale  of  lands,  in  Government  Bonds, 
to  be  held  for  the  further  security  of  the  first-mortgage  bondholders. 

Q.  Tlxis  is  very  satisfactory .  But  what  do  you  ash  for 
these  bonds  ? 

A.  For  the  present  we  shall  sell  them  at  95  cents  on  the  dollar,  with 
interest  in  currency  added  from  the  1st  of  January.  If  the  sales  are 
more  rapid  than  will  supply  the  Company’s  current  need  of  funds,  the 
price  may  be  raised  to  par. 

Q.  Do  you  tahe  gold  and  Goveimment  securities  at  their 
marhet  price  in  payment  for  these  bonds  ? 

A.  Yes,  or  any  other  kind  of  stocks  or  bonds  at  their  full  market 
value. 

Q.  Can  I  use  these  bonds  to  buy  your  land  with,  if  I  should 
wish  to  do  so  ? 


8 


A.  The  trustees  receive  them  at  par,  in  payment  for  land,  at  the  low¬ 
est  cash  price,  just  the  same  as  greenbacks. 

Q.  I  have  $ 1,000  in  gold,  on  which  I  am  getting  no  interest 
or  dividends.  How  much  will  this  buy  of  these  Lake  Superior 
and  Mississippi  Liver  Railroad  Bonds  ?  ■ 

A.  Your  $1,000  in  gold  will  buy  about  1,400  dollars  worth  of  these  7 
per  cent.  Gold  Bonds.  Thus,  your  idle  gold,  if  you  turn  it  into  bonds, 
will  bring  you  in  about  $100  per  year  in  gold,  or  $133  in  greenbacks. 

Q.  I  have  also  $1,000  in  United  States  Five- Twenties.  How 
much  can  I  make  by  changing  them  into  these  new  bonds  ? 

A.  You  will  get  nearly  $1,200  of  the  Lake  Superior  and  Mississippi 
Elver  Eailroad  Bonds,  which  will  give  you  about  $83  a  year  in  gold 
interest,  instead  of  $60,  and  a  profit  besides,  when  the  loan  is  paid  off, 
of  nearly  $200 ;  and  more  than  this,  these  new  bonds  have  no  United 
States  Income  Tax  upon  them,  as  the  Government  bonds  have,  because 
the  Eailroad  Company  assumes  and  pays  this  tax. 

Q.  I  have  some  idle  greenbacks  and  balances  in  Bank,  what 
interest  zvill  I  get  on  them  if  I  invest  in  these  Railroad 
Bonds ? 

A.  Nine  hundred  and  fifty  dollars  will  buy  one  thousand  dollars  of 
these  bonds,  which  will  bring  you  in  $70  in  gold  a  year,  which  if  sold  at 
the  present  premium  of  33  per  cent.,  will  give  you  $93,  or  nearly  10  per 
cent,  interest  on  your  greenbacks. 

Q.  Where  can  I  get  these  bonds? 

A.  By  calling  on  or  sending  by  mail  or  express  to  either  of  the  under¬ 
signed  agents,  or  any  bank  or  bankers  in  your  neighborhood.  And,  as 
already  nearly  one-fourth  of  the  four  millions  and  a  half  issued  have 
been  sold,  we  advise  you  to  apply  for  them  WITHOUT  DELAY. 

JAY  COOKE  &  Co., 

No.  114  South  Third  Street,  Philadelphia. 

E.  W.  CLARK  &  Co., 

No.  35  South  Third  Street,  Philadelphia. 

Fiscal  Agents  of  the  Lake  Superior  and  Mississippi  River  Railroad  Company . 


$4,500,000 

SEVEN  PER  CENT.  GOLD  RONDS, 

FREE  OF  UNITED  STATES  TAXATION. 


Jay  Cooke  &  Co.  and  E.  W.  Clark  &  Co.,  in  Philadelphia, 
have  been  appointed  by  the  Lake  Superior  and  Mississippi  River 
Railroad  Company  its  agents,  to  sell  its  Seven  per  cent.  Gold-Bearing 
Land  Grant  Bonds,  amounting  to  $4, 500,000,  of  which  all  but 
$3,300,000  have  been  disposed  of. 

For  a  limited  period  these  Bonds  will  be  sold  at  95,  and  interest. 

They  are  secured  by  a  mortgage  on  the  line  of  the  whole  Road, 
150  miles  long,  connecting  St.  Paul,  in  Minnesota,  with  Du  Luth, 
on  Lake  Superior,  and  on  its  rolling  stock  and  equipment,  and  also 
on  the  lands  of  the  Company,  amounting  to  1,632,000  acres.  Thirty 
miles  of  the  Road  are  completed  and  in  operation. 

These  Bonds  will  be  free  from  United  States  taxation. 

They  are  receivable  as  cash,  at  par,  in  payment  for  lands  bought 
of  the  Company. 

They  have  the  benefit  of  a  Sinking  Fund. 

The  interest  and  principal  are  payable  in  gold  in  New  York. 

Government  bonds  and  gold  will  be  received  at  their  market 
price  in  payment  for  these  Bonds,  without  commission. 

The  financial  agents  of  the  Lake  Superior  and  Mississippi  River 
Railroad  Company  present  the  following  reasons  for  their  belief  that 
these  Bonds  are  among  the  very  best  ever  offered  on  the  market : — 
1st.  In  respect  of  security  in  the  value  of  the  property  mortgaged; 
2d.  In  the  certainty  of  immediate  and  immense  net  earnings  from 
the  traffic  of  the  Road. 


9 


10 


ASSETS  OF  THE  ROAD. 

The  State  of  Minnesota  has  donated  to  the  Road  672,000  acres 
of  land.  The  United  States,  by  act  of  Congress,  granted  to  it 
960,000  acres.  The  total  of  its  land  endowment  is  one  million 

SIX  HUNDRED  AND  THIRTY-TWO  THOUSAND  ACRES. 

This  vast  estate  is  classified  according  to  its  various  qualities, 
thus  : — 


Pine  land . 500,000  acres. 

Hardwood  land . 232,000  “ 

Oak  openings  and  prairie  land . 300,000  “ 

“Swamp”  and  meadow  land . 600,000  “ 


“  Swamp”  lands  in  Minnesota  rank  next  in  value  to  prime  lumber 
land.  They  constitute  the  best  natural  meadows.  In  a  wooded 
country  good  hay  land  is  more  highly  prized  than  forest. 

The  line  of  this  Road  goes  through  50  miles  of  pine  timber, 
principally  the  property  of  the  Company.  A  survey  of  this 
timber  has  determined  that  it  will  cut  the  enormous  quantity  of 
2,946,000,000  feet.  A  measure  of  that  quantity  of  lumber  can 
be  got  from  the  fact  that  the  product  of  the  great  saw-mills 
at  St.  Anthony’s  Falls,  in  1868,  was  80,000,000  feet.  The 
agents  of  the  Road  estimate  that,  within  ten  years  from  its  open¬ 
ing,  100,000,000  feet  will  be  cut  yearly,  yielding,  on  a  royalty 
of  only  $3  per  thousand,  $300,000  per  annum;  and  that,  at  this 
rate  of  consumption,  the  timber  will  last  for  thirty  years.  The 
region  in  which  the  sawed  lumber  of  the  Lake  Superior  and  Mis¬ 
sissippi  River  Railroad  Company  will  be  consumed  extends  from 
Marquette,  on  the  east,  down  through  the  towns  in  the  Mississippi 
counties  of  Illinois,  and  westward  of  that  line,  until,  on  the  confines 
of  Kansas  and  Nebraska,  the  pine  of  the  foot-hills  of  the  Rocky 
Mountains  and  of  the  Black  Hills  comes  into  competition  with  it. 
St.  Paul  will  become  as  great  a  lumber  centre  as  Chicago.  “  Stump- 
age”  (the  royalty  paid  for  the  privilege  of  cutting  standing  pine 
timber)  on  the  Mississippi  and  its  tributaries  was  $1  a  thousand 
feet  six  years  ago.  Two  years  ago  it  was  $3.85.  It  is  now  $5,  and 
soon  will  be  much  more.  The  worth  of  the  Road’s  pine  lands,  mani¬ 
festly,  is  enormous.  And  it  is  equally  manifest  that  the  lumber 
business  over  its  line,  from  its  own  ground  and  from  the  State  and 
Government  lands  beyond,  will  be  limited  only  by  its  capacity  to 


carry.  Competing  parties  stand  ready  to  bid  for  the  privilege  of 
pushing  portable  steam  saw-mills  into  this  pine  domain  simultane¬ 
ously  with  the  construction  of  the  track. 

The  Land  Endowment  of  the  Lake  Superior  and  Mississippi 
Liver  Railroad  may  be  moderately  Valued  thus  : — 


Pine  land,  500,000  acres,  @  $10 . $5,000,000 

Hardwood  land,  232,000  acres,  @  $6 .  1,392,000 


Oak  openings  and  prairie  land,  300,000  acres,  @  $6...  1,800,000 

“Swamp”  and  meadow  land,  600,000  acres,  @  $7....  4,200,000 

$12,392,000 

The  city  of  St.  Paul  donated  to  the  Load  $200,000  in  the  bonds 
of  the  city,  conditioned  upon  the  construction  of  thirty  miles  of  the 
line.  The  thirty  miles  have  been  built. 

The  county  of  St.  Louis,  at  the  Lake  Superior  end  of  the  road, 
donated  to  it  $150,000  in  the  bonds  of  the  county. 

Lands  have  been  acquired  by  purchase,  for  depot  and  railroad 


purposes,  which  are  worth  $100,000. 

The  Company’s  assets,  then,  are  as  follows : — 

1,632,000  acres  of  land . . $12,392,000 

Bonds  of  city  of  St.  Paul .  200,000 

Bonds  of  county  of  St.  Louis .  150,000 

Lands  for  depot  and  other  purposes . .  100,000 


$12,842,000 

Add  the  value  of  the  road,  its  depots,  rolling 

stock,  &c .  4,500,000 


Total  assets . $17,342,000 


The  amount  of  the  mortgage  which  will  cover  the  whole  of  this 
great  property  is  only  $4,500,000. 

We  will  venture  to  say  that  a  railroad  security  of  equal  value 
has  never  been  offered  in  this  or  any  other  country. 

SLATE  TO  SUPPLY  FOREVER  THE  MISSISSIPPI,  OHIO,  AND 

MISSOURI  VALLEYS. 

To  the  above  assets  should  properly  be  added  a  source  of  per¬ 
manent.  wealth,  which  the  Lake  Superior  and  Mississippi  Eiver 
Railroad  alone,  of  all  the  Roads  in  the  United  States,  possesses. 


12 


At  tlie  falls  of  the  St.  Louis,  upon  the  line  of  the  Load,  is  one 
of  the  largest  and  best  slate  formations  in  the  world,  and  the  only 
available  one  in  the  United  States  west  of  Pennsylvania.  It  is 
twenty  miles  long,  six  miles  wide,  and  hundreds  of  feet  deep.  Ex¬ 
perts  pronounce  the  quality  of  its  ledges  to  be  superior  to  any  in 
the  United  States,  except  the  Pennsylvania  Peach  Bottom.  It  is 
like  the  famous  “Festenac”  of  Wales.  It  splits  easily  and  perfectly. 
In  color  it  is  a  beautiful  light  blue.  It  makes  excellent  school 
slates,  and  is  already  in  demand  for  billiard-table  beds,  mantels, 
and  monuments. 

An  engineer,  an  expert  in  the  business  of  working  slate-quarries, 
has  estimated  the  profit  to  those  who  get  out  and  market  this  slate 
to  be  $8  per  ton. 

This  article,  manifestly,  will  command  the  market  in  Cleveland 
and  Cincinnati,  and  of  course  would  compete  with  more  profit  in 
all  the  westward  and  southern  markets  of  the  Mississippi  Valley 
down  to  New  Orleans. 

A  large  part  of  this  immensely  valuable  quarry  is  the  property 
of  the  Lake  Superior  and  Mississippi  Liver  Lailroad.  It  will 
yield  freights  forever,  in  addition  to  direct  income  from  royalties 
and  sales.  Superabundant  water-power  is  close  at  hand  to  manu¬ 
facture  the  slate  in  every  marketable  form. 

But  the  traffic  over  the  Load,  now  existing  and  waiting  for  the 
opening  of  this  new  route,  will  be  so  great  as  of  itself  to  furnish 
ample  security  for  its  mortgage  debt.  The  following  are  the  ele¬ 
ments  of  its  assured  business  : — 

TRADE  OF  THE  LAKE  SUPERIOR  AND  MISSISSIPPI  RIVER 

RAILROAD. 

A  circle  drawn  from  Chicago  upon  a  radius  of  600  miles  includes 
to  the  west  all  the  fertile  portion  of  the  great  plain. 

A  circle  drawn  from  the  end  of  Lake  Superior  upon  a  radius  of 
1200  miles  would  not  exceed  the  limits  of  fertile  soil  west  and  northwest 
of  the  lake. 

Lake  Superior  carries  deep  water  navigation  more  than  four  degrees 
of  longitude  farther  west  than  Lake  Michigan  does. 

The  western  extremity  of  Lake  Superior  is  300  miles  nearer  the 
centre  of  Minnesota's  agricultural  productions,  and  the  centre  of  Min¬ 
nesota’s  railroad  system ,  than  Chicago  is. 

Lt  is  about  the  same  distance  to  New  York  by  water  from  DuLuth, 


13 


at  the  extremity  of  Lake  Superior,  as  it  is  from  Chicago,  at  the  end  of 
Lake  Michigan . 

Upon  these  five  facts  we  base  the  declaration  that  the  completion 
of  the  Lake  Superior  and  Mississippi  Liver  Railroad  will  cause  the 
greatest  revolution  in  trade  that  has  been  effected  in  the  United 
States  by  any  new  channel  of  commerce.  Consider  the  following 
table  of  distances. 

COMPARATIVE  TABLES  OF  DISTANCES. 


1st.  Position  of  Lake  Superior  as  compared  with  that  of  Lake  Michigan  in  reference  to  communi¬ 
cation  with  the  States  and  Territories  lying  west  of  the  Missouri  River. 


TO 

Difference  in 

FROM 

Chicago. 

West  end  of 
Lake  Superior. 

favor  of  Lake 
Superior. 

Miles. 

Miles. 

Miles. 

San  Francisco  via  Sacramento  River,  Central  Pacific  R.  R.  and  con- 

nections . 

2250 

2150 

100 

Sioux  City,  via  D.  &  S.  C.  R.  R.,  &c.,  or  S.  C.  &  St.  P.,  M.  Y.  and  L.  S. 

&  M.  R.  R . 

510 

415 

95 

2d.  The  Lake  Superior  Route  to  the  East,  from  St.  Paul,  compared  with  the  Lake  Michigan  Route. 


ROUTE. 

DISTANCES  IN  MILES. 

Railroad. 

Lake. 

Total. 

From  St.  Paul  via  M.  &  Pr.  du  Chien  R.  R.  and  Chicago,  to  Buffalo . 

440 

960 

1400 

From  St.  Paul  via  Lake  Superior  &  M.  R.  R.,  and  head  of  Lake  Superior,  to 

Buffalo . . 

150 

1055 

1205 

Difference  in  favor  of  Lake  Superior . 

290 

3d.  Principal  routes,  used  or  projected,  between  Lake  Superior  and  the  seaports  of  the  Atlantic  Ocean. 


ROUTE. 

DISTANCES  IN  MILES. 

By  Water. 

By  Railroad. 

Total. 

Via  Lakes  Huron  and  Erie,  and  Cleveland,  to  Philadelphia . 

900 

496 

1396 

Via  Lakes  Huron  and  Erie,  and  Erie,  to  Philadelphia . 

985 

447 

1432 

Via  Lakes  Huron  and  Erie,  and  Dunkirk,  to  Philadelphia.  . 

1020 

463 

1483 

Via  Lakes  Huron  and  Erie,  Buffalo,  and  the  Erie  Canal  to  New  York 

1525 

1525 

Via  Lakes  Huron  and  Goderich,  B.  &  L.  II.  R.  R.,  Buffalo  &  Erie  Canal 
to  New  York . 

1150 

160 

1310 

Via  Lakes  Huron,  Erie  and  Ontario,  Oswego  &  Erie  Canal  to  New  York 
Via  Lakes  Huron,  projected  Huron  and  Ontario  Canal,  Lake  Ontario, 

1570 

1570  ' 

Oswego  and  Erie  Canal  to  New  York . 

1305 

1305 

Via  Lakes  Huron,  projected  Ottawa  R.  improvements,  Caughnawaga 

and  Champlain  Canals,  to  New  York . 

1445 

1445 

Via  Lakes  Huron,  projected  Huron  and  Ontario  Canal,  Lake  Ontario, 
Oswego,  Erie  Canal,  and  Albany,  to  Boston . 

1160 

200 

1360 

Via  Lake  Huron,  projected  Ottawa  R.  improvements,  and  V.  C.  R.  R. 

to  Boston . 

1075 

334 

1409 

Via  Lake  Huron,  projected  Huron  and  Ontario  Canal,  Lake  Ontario, 
St.  Lawrence  R.  and  G.  T.  R.  R.  to  Portland . 

1153 

297 

1450 

Via  Lake  Huron,  projected  Ottawa  R.  impi’ovements  and  G.  T.  R  R. 

to  Portland . 

1075 

297 

1372 

Via  Lake  Huron,  projected  Huron  and  Ontario  Canal,  Lake  Ontario 

and  St.  Lawrence  Ii.  to  Montreal . 

1155 

1155 

Via  Lake  Huron,  projected  Ottawa  R.  improvements  and  St.  Lawrence 

R.  to  Montreal . 

1075 

1075 

Montreal  to  Liverpool 
Quebec  to  “ 

Portland  to  “ 


4th.  Transatlantic  Distances. 


2740  miles. 
2580  “ 

2800  “ 


Boston  to  Liverpool . 

New  York  to  “  . . 

Philadelphia  to  Liverpool 


2850  miles. 
3020  “ 

3080  “ 


14 


In  defining  the  boundaries  of  the  region  which  will  be  tributary 
to  the  Lake  Superior  and  Mississippi  River  Railroad,  it  must  be 
borne  in  mind  that  Du  Lfith,  at  the  head  of  Lake  Superior,  is  about 
as  near  New  York  as  Chicago  is  at  the  head  of  Lake  Michigan ;  and 
that  commerce  takes  the  shortest  cut  to  long  water  transportation. 

The  State  of  Minnesota  alone  embraces  84,000  square  miles  of 
agricultural  soil.  It  is  larger  than  all  New  England,  and  almost  as 
large  as  Pennsylvania  and  New  York  put  together.  Ninety-five  per 
cent,  of  this  area  is  nearer  to  Lake  Superior  than  it  is  to  Lake  Mi¬ 
chigan.  Northwestern  Iowa,  a  large  part  of  Wisconsin,  Nebraska, 
and  the  vast  territory  west,  northwest,  and  north  of  Minnesota,  are 
likewise  nearer  to  Lake  Superior  than  to  Lake  Michigan. 

California  and  Colorado  consignments,  when  they  reach  Sioux 
City,  are  ninety-five  miles  nearer  to  Lake  Superior  than  they  are  to 
Lake  Michigan.  Competition  cannot  get  rid  of  this  difference  in 
distance,  and  a  large  portion  of  the  transcontinental  traffic  will  inevi¬ 
tably  go  to  Lake  Superior  and  take  shipping  at  Du  Luth. 

St.  Paul  is  the  centre  of  the  railroad  system  of  Minnesota,  and 
the  receiving  and  distributing  point  of  the  State  and  its  railway  con¬ 
nections.  The  present  outlet  for  the  products  of  Minnesota  is  by 
way  of  the  Mississippi  River  to  La  Crosse,  180  miles  from  St.  Paul, 
thence  by  rail  to  Milwaukee,  200  miles;  or  from  St.  Paul  to  Prairie 
du  Chien,  212  miles,  and  thence  to  Chicago,  284  miles  farther.  The 
imports  into  Minnesota  now  take  the  same  long  and  expensive  routes. 
From  St.  Paul  to  Du  Luth  the  distance  is  only  150  miles.  The  com¬ 
parative  lengths  of  the  Lake  Superior  and  Lake  Michigan  routes 
from  St.  Paul  to  Buffalo  are  presented  in  this  table. 

A  difference  in  round  numbers  of  300  miles  in  transportation  is 
decisive.  It  is  equivalent  to  a  reduction  of  thirty  cents  on  the  cost 
of  a  bushel  of  wheat.  Nothing  can  overcome  this  difference.  It 
will  absolutely  govern.  The  Lake  Superior  and  Mississippi  River 
Road  will,  from  the  day  it  is  opened,  take  eighty  per  cent,  of  the 
trade  of  Minnesota,  and  in  considerable  part  that  of  Iowa  and  Ne¬ 
braska,  that  now  goes  to  Lake  Michigan.  The  Road  will  also  take 
the  whole  of  the  trade  which  now  supplies  the  Lake  Superior  mines, 
and  most  of  the  trade  between  the  lakes  and  the  Mississippi  River. 
It  is  not  extravagant  to  say  that  this  new  highway  of  commerce  and 
travel  will  be  burdened  to  its  utmost  capacity  from  the  very  hour  it 
is  opened.  The  business  upon  it  will  be  enormous,  and  the  necessity 
for  a  double  track  is  already  felt  by  its  projectors  before  the  single 
jne  is  completed. 


15 


LUMBER  TRADE. 

We  have  principally  set  this  forth  in  the  statement  of  the  assets 
of  the  Road.  We  will  add  that  a  new  and  peculiar  traffic  will  go 
over  the  line,  in  wooden  houses,  built  at  St.  Louis  Falls  for  the 
prairies.  They  will  be  got  out  in  parts,  ready  to  be  put  together, 
of  various  sizes,  and  at  a  cost  from  $300  to  $500;  all  ready  for  ship¬ 
ment  and  erection  at  their  destinations.  This  trade  will  be  large. 
The  Company’s  lands  contain  immense  quantities  of  red  and  white 
cedar.  The  demand  foi  these  for  fence-posts  will  be  very  wide. 

TRADE  IN  SUPPLYING-  THE  LAKE  SUPERIOR  MINES. 

The  mining  country  surrounding  Lake  Superior  on  its  north  and 
south  shores  is  unfitted  for  agriculture.  Its  population  has  to  be  fed 
from  abroad.  The  cost  of  supplying  the  miners  enhances  the  wages 
of  labor,  and  discourages  or  restricts  operations  throughout  all  the 
copper  and  iron  districts  of  Michigan,  Wisconsin,  Minnesota,  and 
the  Dominion  of  Canada.  The  prime  cost  of  provisions  is  augmented 
at  the  mines  by  a  thousand  miles  of  freight.  The  Mississippi  Valley 
products  have  to  pay  $5  a  ton  to  reach  Lake  Michigan,  and  $5  more 
to  get  to  Lake  Superior.  They  will  be  delivered  for  $2  70  per  ton, 
by  the  Lake  Superior  and  Mississippi  River  Railroad.  There  are 
now  sixty-two  copper-mining  companies  on  Lake  Superior,  100  great 
iron  mines  under  working,  and  fourteen  blast  furnaces  in  operation. 
The  annual  shipment  of  ores  from  the  mines  now  average  12,000 
tons  of  copper  and  500,000  tons  of  iron.  This  iron  ore,  unexcelled 
in  the  world,  sells  in  Wisconsin,  Lower  Michigan,  Illinois,  Indiana, 
Ohio,  Pennsylvania,  and  New  York.  Of  Lake  Superior  charcoal 
pig-iron,  used  for  highest  grades  of  machinery,  and  gun  castings, 
and  for  conversion  into  steel,  over  21,000  tons  went  last  year  through 
the  Sault  St.  Mary  canal.  About  one-fifth  of  all  the  iron  now  made 
in  the  United  States  and  a  large  proportion  of  the  American  steel 
are  produced  from  the  Lake  Superior  ores.  A  population  of  60,000 
is  employed  in  the  mining  district  on  the  American  side  of  the  lake. 
They  are  almost  wholly  fed  from  the  lower  lakes,  Wisconsin,  and 
Chicago.  When  the  Lake  Superior  and  Mississippi  River  Road  is 
completed,  they  will  be  supplied  exclusively  from  Minnesota.  Her 
flour,  beef,  mutton,  pork,  butter,  oats,  corn,  and  feed,  and  the  coffee, 
sugar,  and  molasses,  brought  up  the  Mississippi  and  landed  at  St. 
Paul,  the  head  of  its  navigation,  will  be  delivered  so  cheaply  to  them 
as  to  reduce  the  cost  of  labor,  quadruple  the  mining  population,  and 


16 


immensely  augment  the  products  of  the  mines.  On  the  British  side 
of  the  lake,  the  deposits  of  iron  and  copper  are  large  and  rich.  One 
of  the  immediate  effects  of  the  completion  of  this  Railroad  will  be 
their  development.  This  has  only  waited  for  cheap  food. 


AN  ENORMOUS  GRAIN  TRADE  FROM  THE  “CONTINENTAL 

WHEAT  GARDEN.” 


The  Hon.  William  H.  Sewaed,  in  his  memorable  speech  deli¬ 
vered  at  St.  Paul,  in  1860,  said: — “Here  is  the  place,  the  central 
place,  where  the  agriculture  of  the  richest  regions  of  North  America 
must  pour  out  its  tributes  to  the  whole  world.  On  the  east,  all  along 
the  shore  of  Lake  Superior,  and  west,  stretching  in  one  broad  plain 
in  a  belt  quite  across  the  continent,  is  a  country  where  State  after 
State  is  yet  to  arise,  and  where  the  productions  for  the  support  of 
human  society  in  the  old  crowded  States  must  be  brought  forth. 
I  now  believe  that  the  ultimate,  last  seat  of  government  on  this 
continent  will  be  found  somewhere  within  a  circle  or  radius  not  very 
far  from  the  spot  on  which  I  stand” 

At  that  spot  the  Lake  Superior  and  Mississippi  River  Road  com¬ 
mences. 

Its  line  runs  through  a  portion  of  the  “  ultimate,  last  seat  of  go¬ 
vernment,”  which  has  been  correctly  named,  by  another  statesman, 
“the  continental  wheat  garden.”  Its  area  is  600,000  square  miles. 

Minnesota  wheat  is  the  best  in  the  United  States,  and  Minnesota 
soil  is  the  best  in  the  United  States  for  the  production  of  wheat; 

In  1857,  Minnesota  imported  her  breadstuffs.  In  1867,  she  ex¬ 
ported  12,000,000  bushels  of  wheat!  In  1850,  she  raised  of  this 
grain  only  1,400  bushels.  In  1868,  she  harvested  16,125,875  bushels. 
The  area  of  Minnesota  is  54,000,000  acres.  The  exported  surplus 
crop  of  1867,  amounting  to  twelve  million  bushels,  was  grown  upon 
three  per  cent,  of  her  soil.  The  figures  of  the  following  table,  con¬ 
tained  in  the  last  message  of  Governor  Marshall  to  the  Legislature 
of  Minnesota,  must  impress  readers  with  the  conviction  that  the 
destined  growth  of  this  State  in  population,  and  increase  in  agricuL 
tural  production,  are  going  to  be  the  eminent  facts  in  the  history  of 
the  wonderful  development  of  American  wealth. 


1866. 

Whole  No.  of  acres  under  cultivation...  895,412 


No.  of  acres  in  -wheat .  547,531 

Total  product  of  wheat .  .  7,921,442 

No.  of  acres  in  corn .  8S,183 


1867. 

1,092,593 

683,784 

10,014,828 

100,648 


1868. 

1,382,690 

908,500 

16,125,875 

115,170 


17 


1866. 

Total  product  of  corn . . .  2,056,747 

No.  of  acres  in  oats .  ’187,023 

Total  product  of  oats .  4,372,477 

No.  of  acres  in  potatoes .  16,297 

Total  product  of  potatoes .  1,851,696 


1867.  1868. 

3,216,010  4,598,760 

162,722  174,500 

5,620,895  6,103,510 

17,647  17,500 

1,788,053  1,698,900 


This  growth  is  only  for  two  years.  Take  its  per  centage,  and  cal¬ 
culate  the  increase  of  Minnesota’s  tillage,  and  the  increase  of  her 
crops  for  ten  years — for  twenty  years.  Calculate  the  quantity  of  food 
for  export  she  will  yearly  have  when  a  quarter  of  her  soil  is  under 
the  plough.  Calculate  it  when  half  of  the  State  shall  be  an  improved 
farm.  But  Minnesota  is  only  a  part  of  the  “  Continental  ATlieat  Gar¬ 
den”  of  600,000  square  miles. 

The  mind  refuses  to  grasp  the  product  of  this  vast  and  rich  terri¬ 
tory,  destined  to  come  under  tillage  as  certainly  as  was  the  Mohawk 
Valley,  and  destined  to  be  more  generally  populated  than  Iowa  now 
is.  The  incalculably  vast  volume  of  winter  and  spring  wheat  that 
will  surely  flow  from  it  to  the  Atlantic  States  will  go  to  the  harbors 
at  the  west  end  of  Lake  Superior.  There  can  be  no  question  of  this; 
for  while  the  average  cost  of  moving  freight  by  rail  is  eighteen  mills 
per  ton  per  mile,  the  cost  of  moving  it  upon  water  is  but  five  mills. 
And  likewise  there  can  be  no  question  that  the  new  grain  trade  of 
Minnesota  and  the  valleys  of  the  Red  River,  the  Saskatchawan,  the 
Assineboine,  and  the  AYinnepeg,  will  build  a  city  upon  the  great 
inland  sea  that  will  rival  Chicago  in  population,  wealth,  and  vigor, — 
and  that  without  aid  from  the  trade  in  Minnesota  lumber,  which  will 
be  greater  than  Chicago  ever  had,  without  aid  from  the  shipments 
of  iron  and  copper  from  the  west  coast  of  Superior,  and  without  aid 
from  the  vast  business  of  supplying  the  entire  mining  region  on  both 
the  north  and  south  shores  of  the  lake,  which  will  be  lost  to  Chicago 
from  the  day  on  which  the  Lake  Superior  and  Mississippi  River 
Railroad  is  completed. 


TRADE  FROM  WATER  POWER  ON  THE  LINE  OF  THE  ROAD. 

The  hydraulic  power  on  the  line  of  the  Road  will  become  a  source 
of  immense  traffic  to  it.  That  of  the  St.  Louis  River,  where  it  is 
crossed  by  the  line,  is  equal  to  that  of  the  Mississippi  River  at  St. 
Anthony’s  Falls,  heretofore  supposed  to  be  without  a  rival  on  the 
continent.  In  the  distance  of  four  miles  next  above  Fond  du  Lac, 
the  total  fall  is  400  feet,  and  is  distributed  in  nearly  equal  portions 
to  each  quarter  of  a  mile.  The  banks  are  of  firmly  bedded  slate  or 


18 


sand-rock,  through  which  head  races  can  be  cut  from  the  flanks  of 
dykes  or  wing-dams  at  will,  and  a  fall  at  each  of  from  ten  to  twenty 
feet  obtained.  The  volume  of  water  at  the  lowest  stage  of  the  river 
has  been  accurately  measured,  and  found  to  be  288,000  cubic  feet 
per  minute.  At  these  falls  the  pine  and  hardwood  timber  of  the  St. 
Louis  and  its  affluents  are  to  be  sawed  and  manufactured  in  every 
marketable  form.  Here,  too,  are  to  be  numerous  and  large  flouring- 
mills,  to  grind  the  wheat  of  an  immense  district  of  country.  The 
power  of  the  river  will  also  be  used  to  manufacture  the  beautiful 
slate  through  which  it  runs.  The  Lake  Superior  and  Mississippi 
Liver  Railroad — destined  to  have  the  immense  il  through”  traffic 
which  the  saving  of  300  miles  carriage  to  water  navigation  will  cer¬ 
tainly  give  it  from  all  the  country  southwest,  west,  and  northwest  of 
it — has  upon  its  very  line  the  elements  of  a  local  business  whose 
extent  it  is  difficult  to  set  limits  to.  A  measure  of  the  traffic  to  be 
derived  from  St.  Louis  Falls  alone  may  be  got  from  the  trade  sup¬ 
plied  by  the  water-power  of  St.  Anthony’s  Falls.  In  1867,  that 
place  had  in  operation  thirteen  grist-mills,  fourteen  gang  saw-mills, 
two  woollen-mills,  two  paper-mills,  one  oil-mill,  numerous  tub  and 
pail-mills,  lumber  dressing-mills,  Ac.  Ac.  Of  lumber  alone,  St. 
Anthony’s  Falls,  in  1868,  manufactured  80,000,000  feet. 

FISH  TRADE. 

The  trade  west  and  south  in  salted  fish  in  the  summer,  and  in  frozen 
fresh  fish  in  winter,  will  be  a  very  great  one  over  this  Road.  Trout, 
white-fish,  and  siskowit,  of  unequalled  excellence,  are  taken  in  Lake 
Superior  at  all  seasons  of  the  year.  The  mean  depth  of  the  lake  is 
900  feet.  This  is  maintained  to  within  a  few  hundred  yards  of  its 
entire  coast  line.  The  water  consequently  is  preserved  at  an  equal 
temperature  the  year  round,  the  lowest  being  44°  of  Fahrenheit  and 
the  highest  in  twenty  fathoms  46°.  The  lake  is  never  frozen.  All 
along  the  Minnesota  coast  deep  soundings  prevail.  The  depth,  cold¬ 
ness,  and  purity  of  the  waters  of  Superior  impart  the  highest  quali¬ 
ties  of  richness,  consistency,  and  delicacy  to  its  fish.  They  are  held 
throughout  the  west  to  be  unequalled  by  any  other  fish  taken  in  the 
fresh  or  salt  waters  of  the  United  States.  There  is  an  existing  trade 
in  the  catch  between  November  and  March.  The  fish  frozen  are 
sledged  through  the  woods  to  the  roads  leading  to  St.  Paul  and 
Chicago.  But  it  is  as  a  salted  commodity  that  their  value  is  inesti¬ 
mable.  Whatever  may  become  the  demand  for  Lake  Superior  salt 


;  The  undersigned,  President,  Secretary  and  Treasurer  and 
Executive  Committee  of  the  Lake  Superior  and  Mississippi 
River  Railroad  Company,  having  examined  the  annexed  state¬ 
ment  of  facts  as  to  the  anticipated  business  of  the  road,  and  the 
ultimate  value  of  its  assets,  resulting  from  the  development  of 
the  country  through  which  the  road  passes,  respectfully  state 
that,  in  their  opinion,  the  same  are  reliable,  and  the  results  an¬ 
ticipated  will  be  fully  reached  by  the  construction  of  the  road 
and  the  development  of  its  business. 

W.  L.  BANNING, 

President. 

ROBT.  H.  LAMBORN, 

Secretary  and  Treasurer. 


J.  EDGAR  THOMSON, 
S.  M.  FELTON, 

ISAAC  HINCKLEY, 


Executive 

Committee. 


19 


fish,  the  supply  can  be  made  to  meet  it.  The  entire  coast  of  Minne¬ 
sota,  for  a  length  of  150  miles,  is  an  uninterrupted  fishing-ground. 
It  is  certain  that  the  construction  of  this  Railroad  will  create  a  new 
and  immense  trade  in  fish  over  the  whole  length  of  its  line  to  the 
Mississippi  River  and  its  commercial  outlets. 

WINTER  NAVIGATION  OF  LAKE  SUPERIOR  AND  ITS  CLIMATE. 

The  great  depth  of  Lake  Superior,  averaging  900  feet,  keeps  it 
open  in  the  severest  winters.  A  vessel  arrived  at  Superior  in  the 
month  of  January,  from  Fort  William,  in  the  British  Possessions, 
180  miles  across  the  lake.  No  such  navigation  is  possible  on  the 
lower  lakes.  It  is  quite  certain  that  the  trade  over  the  Lake 
Superior  and  Mississippi  River  Railroad  will  be  maintained  to  many 
harbors  on  the  lake  throughout  winter, — an  advantage  of  the  very 
greatest  consequence. 

To  disabuse  erroneous  impressions  in  regard  to  the  climate  of  Lake 
Superior,  we  will  say  that  the  United  States  meteorological  obser¬ 
vations  at  Du  Luth,  Beaver  Bay,  and  Superior,  show  that  their 
mean  for  the  year  without  frost  is  122  days.  The  no-frost  term  at 
Toronto  is  116  days;  at  Lowville,  New  York,  117  days;  at  Crafts- 
bury,  Vermont,  129  days. 

The  summer  isothermal  line  of  seventy  degrees,  striking  the  At¬ 
lantic  coast  at  the  east  end  of  Long  Island,  and  passing  through 
Central  Pennsylvania,  Northern  Ohio  and  Indiana,  and  skirting  the 
southern  shore  of  Lake  Michigan,  diverges  northwesterly  and  goes 
north  of  St.  Paul,  crossing  the  Lake  Superior  and  Mississippi  River 
Railroad,  and  runs  up  into  the  British  Possessions  to  latitude  52, 
four  degrees  farther  north  than  Du  Luth.  This  isothermal  line  in 
Europe  passes  through  southern  France,  Lombardy,  and  the  great 
wheat-growing  regions  of  southern  Russia.  It  is  high  time  that 
the  miseducation  in  geography  which  most  Americans  now  on  the 
stage  of  action  received  in  their  childhood,  when  Chicago  was  an 
Indian  village  and  Lake  Superior  an  unknown  sea,  should  be  cor¬ 
rected.  The  accompanying  map  will  serve  to  disabuse  prejudice.  It 
will  show  that  the  extreme  north  shore  of  Lake  Superior  is  upon  the 
same  latitude  as  Paris,  that  it  is  200  miles  south  of  the  latitude  ol 
London,  over  400  miles  south  of  the  latitude  of  Edinburgh,  and  over 
700  miles  south  of  the  latitude  of  St.  Petersburg,  in  Russia. 


MORTGAGE  AND  TRUST  DEED 


OF  THE 

LAKE  SUPERIOR  &  MISSISSIPPI  R.  R.  CO. 


Hits  f  nitcntuM,  made  the  1st  day  of  January,  in  the  year  1869, 
between  the  Lake  Superior  and  Mississippi  Railroad  Company,  a 
corporation  created  by  and  existing  under  the  laws  of  the  State  of 
Minnesota,  party  of  the  first  part,  and  J.  Edgar  Thomson  and  Wm. 
G.  Moorhead,  of  the  city  of  Philadelphia  and  State  of  Pennsylvania, 
parties  of  the  second  part. 


Whereas,  the  party  of  the  first  part,  under  and  by  virtue  of  the  various  Acts  of 
the  former  Territory  and  present  State  of  Minnesota,  and  also  of  certain  Acts  of 
Congress  of  the  United  States,  passed  in  aid  of  the  construction  of  a  Eailroad  in 
said  State  from  Saint  Paul  to  the  waters  of  Lake  Superior,  and  especially 
Legislation.  under  the  provisions  of  an  Act  of  the  Legislature  of  said  State  of 
Minnesota,  entitled  “An  Act  to  amend  an  Act  entitled  an  Act  to  in¬ 
corporate  the  Nebraska  and  Lake  Superior  Eailroad  Company,”  approved  March 
8th,  18G1,  by  which,  among  other  things,  the  corporate  name  of  said  Company  was 
changed  to  the  Lake  Superior  and  Mississippi  Eailroad  Company ;  and  especially, 
also,  under  the  provisions  of  an  Act  of  the  Legislature  of  said  State,  entitled  “An 
Act  to  extend  the  time  for  the  grading  and  completion  of  the  Lake  Superior  and 
Mississippi  Eailroad,”  approved  March  6th,  1863;  and  especially,  also,  under  the 
provisions  of  an  Act  of  said  Congress  of  the  United  States  of  America,  entitled  “An 
Act  making  a  grant  of  lands  to  the  State  of  Minnesota  to  aid  in  the  construction  of 
the  Eailroad  from  Saint  Paul  to  Lake  Superior,”  approved  May  5th,  1864;  and  es¬ 
pecially,  also,  under  an  Act  of  said  Legislature  of  said  State,  entitled  “An  Act  to 
execute  the  trusts  created  by  the  Act  of  Congress,  entitled  ‘An  Act  making  a  grant 
of  lands  to  the  State  of  Minnesota,  to  aid  in  the  construction  of  the  Eailroad  from 
Saint  Paul  to  Lake  Superior/  approved  May  5th,  1864 ;  and  to  grant  the  said  lands 
to  the  Lake  Superior  and  Mississippi  Eailroad  Company,  to  aid  in  the  construction 
20 


21 


of  its  railroad,  and  to  amend  and  continue  certain  Acts  in  relation  to  said  Railroad 
Company,”  approved  February  23d,  1865;  and  especially,  also,  under  the  provisions 
of  an  Act  of  the  said  Congress  of  the  United  States,  relative  to  land  grants  to  rail¬ 
roads  in  said  Minnesota,  approved  March  3d,  1865,  has  become,  and  is  entitled  to 
certain  valuable  lands,  property,  franchises,  and  rights  of  way,  including  the  right 
to  survey,  locate,  construct,  maintain,  use,  and  operate,  and  at  pleasure  to  alter  the 
line  thereof,  a  railroad,  with  one  or  more  tracks  or  lines  of  rails,  connecting  the 
waters  of  Lake  Superior  with  the  Mississippi  River  at  Saint  Paul,  by  the  most  fea¬ 
sible  route,  within  said  State  of  Minnesota,  with  the  right  to  extend  the  said  railroad 
to  the  Minnesota  River,  and  also  with  the  right  to  construct  a  branch  from  the  main 
line  to  the  navigable  waters  of  the  St.  Croix,  together  with  all  proper  stations, 
depots,  turnouts,  engines,  cars,  and  other  appurtenances  and  furniture  of  a  railroad. 

And  whereas,  in  and  by  the  aforesaid  Acts  of  Congress,  it  was  declared  that  there 
be  and  there  was  thereby  granted  to  the  said  State  of  Minnesota,  for  the  purpose 
of  aiding  in  the  construction  of  said  railroad  in  said  State,  from  the 
city  of  Saint  Paul  to  the  head  of  Lake  Superior,  every  alternate  sec-  h^dggrant.nal 
tion  of  public  land  of  the  United  States,  not  mineral,  designated  by  odd 
numbers,  to  the  amount  of  ten  alternate  sections  per  mile,  on  each  side  of  the  said 
railroad,  on  the  line  thereof  within  the  said  State;  and  further,  the  said  State,  in 
addition  to  the  land  so  granted,  was  authorized  to  locate  the  said  railroad  over  any 
public  lands  of  the  United  States  not  otherwise  appropriated,  reserved,  or  disposed 
of ;  and  the  right  of  way  over  said  lands  of  the  United  States  for  the  purposes  afore¬ 
said  was  thereby  granted  to  said  State  to  the  width  of  one  hundred  feet  on  each  side 
of  said  road,  as  located. 

And  whereas,  in  and  hy  the  aforesaid  Acts  of  the  Legislature  of  the  State  of 
Minnesota,  it  was  declared,  among  other  things,  that  all  the  rights  of  way,  benefits, 
privileges,  lands,  and  property  granted  to  the  State  of  Minnesota,  by  virtue  of  said 
Acts  of  Congress,  be  and  the  same  were  accepted;  and,  thereupon,  the  same  were, 
by  said  Legislature,  granted,  vested  in,  and  transferred  to  the  Lake 
Superior  and  Mississippi  Railroad  Company,  the  parties  of  the  first  taxation!*1  fr°m 
part  hereto,  its  successors  and  assigns,  to  be  held,  used,  or  sold  and  dis¬ 
posed  of  by  it,  to  aid  in  the  construction  of  its  railroad,  and  for  the  equipment  and 
operation  of  the  same,  and  for  no  other  purpose  whatever.  Further,  that  said  rail¬ 
road  lands  be  exempt  from  taxation,  as  in  said  Acts  provided,  until  conveyed  or 
leased  or  contracted  to  be  sold  by  said  Company ;  but  no  mortgage  or  trust  deed  exe¬ 
cuted  by  said  Company  upon  said  lands  shall,  for  the  purpose  of  taxation,  be  con¬ 
strued  as  such  sale,  conveyance,  lease,  or  contract  of  sale.  Further,  that  when  said 
Company  shall  have  completed  ten  miles  of  its  road,  with  the  cars  running  thereon, 
and,  thereafter,  as  often  as  every  additional  twenty  miles  of  road  shall  be  so  com¬ 
pleted,  it  shall  be  entitled  to  a  conveyance  in  fee,  to  be  executed  by  the  Governor 
of  said  State,  of  all  the  swamp  lands  belonging  to  said  State  on  each  side  of  the 
road,  when  and  as  so  completed,  to  the  amount  of  seven  full  sections  of  such  swamp 
lands  for  each  and  every  mile  thereof,  said  lands  to  be  likewise  exempt  from  taxa¬ 
tion  while  held  by  said  Company,  as  in  said  Acts  declared.  Further,  and  for  the 
purposes  of  aiding  in  the  construction  of  said  road,  the  fee  simple  of  all  lands  along 
the  line  of  said  route,  or  otherwise  granted  by  Congress  as  aforesaid, 
shall  be  directly  granted  to  said  Company  ;  and  the  said  Company  was,  bTconJeyecL0 
and  is,  empowered  expressly  to  receive  title  thereto,  and  to  transfer  said 
lands  from  time  to  time,  and  to  convey  the  same  in  fee  simple,  or  otherwise  ;  and  the 
grants  herein  referred  to  are  not  to  become  void,  nor  the  Company  dissolved,  by  the 


22 


non-complction  of  the  entire  extent  of  said  road,  but  shall  be  good  and  valid  to  all 
intents  and  purposes  for  the  parts  or  portions  of  said  road  completed ; 
telegraph^1101  and  the  said  Company  shall  continue  and  survive  to  that  extent.  And 
further,  that  said  Company  may  construct  and  maintain  telegraph  lines 
upon  its  road,  and  charge  fees  for  transmitting  messages  thereon. 

And  whereas,  the  party  of  the  first  part,  by  virtue  and  in  pursuance  of  said  Acts, 
is,  among  other  things  not  herein  enumerated,  expressly  authorized  and  empowered 
to  borrow  money,  to  be  expended  in  the  construction  and  equipment  of  the  said  road 
and  its  appendages,  and  to  issue  bonds  for  the  pavment  thereof  in  the 

Power  to  bor-  .  ,  „  .  . 

row  money,  usual  form,  and  may  make  and  execute,  in  the  corporate  name  of  said 

issue  bonds,  &c.  . 

Company,  all  necessary  mortgages,  writings,  notes,  bonds  or  other  papers, 
and  may  make  and  negotiate,  by  sale  or  otherwise,  its  mortgage  or  other  bonds,  for 
any  liability  that  may  be  incurred  in  the  construction  or  equipment  of  said  road. 
And,  in  addition,  the  party  of  the  first  part  is  expressly  invested  with  all  the  powers 
of  a  body  politic  and  corporate,  and  in  and  by  its  corporate  name  capable  in  law  of 
taking,  purchasing,  holding,  leasing,  mortgaging,  and  conveying  real  estate  and  pro¬ 
perty,  whether  real,  personal  or  mixed,  so  far  as  may  be  necessary  or  convenient  for 
its  purposes,  and  has,  and  may,  exercise  all  powers,  rights,  privileges,  and  immu¬ 
nities  which  are  or  may  be  necessary  or  convenient  to  carry  into  effect  its  objects 
and  purposes,  or  the  objects  and  purposes  of  the  Act  of  the  Legislature  by  which 
it  was  incorporated. 

And  whereas,  the  party  of  the  first  part,  for  the  purpose  of  constructing,  equipping, 
and  completing  the  said  railroad,  has  resolved  and  determined  to  negotiate  and  pro¬ 
cure  a  loan  to  the  amount  of  four  millions  five  hundred  thousand  dollars,  upon  the 
terms  and  security  herein  mentioned,  and  to  that  end  to  make,  execute  and  deliver 
its  bonds,  payable  to  bearer,  to  be  secured  by  a  mortgage  and  conveyance  in  trust,  of 
and  upon  the  said  road  and  its  appendages,  and  the  franchises,  income,  rights,  lands, 
real  estate  and  property  of  said  corporation,  now  existing  or  hereafter  to  be  acquired, 
and  to  negotiate,  sell  and  dispose  of  such  bonds  for  the  purpose  herein  specified ;  that 
is  to  say,  Four  thousand  of  said  bonds  of  the  denomination  of  one  thousand  dollars, 
each  to  be  numbered  from  1  (one)  to  4000  (four  thousand)  inclusive,  and  one  thou¬ 
sand  of  said  bonds  each  of  the  denomination  of  five  hundred  dollars,  and  numbered 
consecutively  from  4001  (four  thousand  and  one)  to  5000  (five  thousand)  inclusive; 
each  of  said  bonds  to  bear  even  date  herewith,  and  to  provide  for  the  payment  of 
the  principal  thereof,  at  the  agency  of  the  Company  in  the  city  of  New  York,  on 
the  first  day  of  January,  in  the  year  one  thousand  eight  hundred  and  ninety-six, 
and  for  the  payment  of  interest  on  such  principal  at  the  rate  of  seven  per  cent,  per 
annum,  semi-annually,  at  the  agency  of  the  Company  in  the  said  city  of  New  York, 
on  presentation  of  the  interest-warrants  or  coupons  to  be  attached  to  each  bond ; 
the  said  bonds  are  to  stand  equally  and  ratably  secured  hereby,  without  any  prefer¬ 
ence  whatever  arising  from  time  of  issue  or  otherwise,  are  to  be  issued  as  required 
for  the  purposes  aforesaid,  and  each  shall  be  duly  executed  by  and  under  the  seal 
of  the  party  of  the  first  part,  signed  and  attested  by  its  president  and  secretary,  and 
the  coupons  or  interest-warrants  to  be  authenticated  by  or  with  the  name  of  said 
secretary.  Upon  each  of  said  bonds  being  so  signed,  sealed,  executed,  and  authen¬ 
ticated,  they  shall  be  delivered  to  the  parties  of  the  second  part,  who  shall  counter¬ 
sign  or  certify  the  same,  in  their  capacity  as  trustees,  which  countersigning  or  cer¬ 
tifying  shall  be  conclusive  proof  that  said  bond  is  secured  by  this  indenture.  Each 
of  said  bonds  are  substantially  in  the  following  form  : — 


23 


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27 


Now  this  indenture  witnesseth ,  that  the  party  of  the  first  part,  in  consideration  of  the 
premises  and  of  one  dollar  to  it  in  hand  paid,  the  receipt  whereof  is 
hereby  acknowledged,  and  in  order  to  secure  the  payment  of  the  prin-  £j'iuse|ng 
cipal  and  interest  of  the  bonds  aforesaid,  issued  or  to  be  issued  as  herein 
recited  and  provided,  and  every  part  of  the  said  principal  and  interest,  as  the  same 
shall  become  payable,  according  to  the  tenor  of  the  said  bonds  and  of  the  coupons 
or  interest- warrants  thereto  attached,  has  granted,  bargained,  and  sold,  assigned,  set 
over,  released,  conveyed,  and  confirmed,  and  by  these  presents  does  grant,  bargain, 
sell,  convey,  and  transfer,  assign,  set  over,  release,  convey,  and  confirm  unto  the  par¬ 
ties  of  the  second  part, — 

All  the  right,  title,  interest,  claim  or  demand  whatsoever  which  the  party  of  the 
first  part  now  has,  or  which  it  shall  or  may  at  any  time  hereafter  acquire  or  become 
entitled  to,  of,  in  or  to  all  those  lands  or  sections  of  land  so  as  aforesaid  granted 
in  and  by  said  Acts  of  Congress  of  the  United  States  of  America,  and  in  and  by 
said  Acts  of  the  Legislature  of  the  State  of  Minnesota,  and  each  and  every  of  them, 
for  the  purpose  of  aiding  in  the  construction  of  a  railroad  from  Saint  Lands  nted 
Paul  to  Lake  Superior  as  aforesaid,  being  seventeen  sections,  or  ten 
thousand  eight  hundred  and  eighty  acres  for  each  mile,  amounting  in  the  aggregate 
to  one  million  six  hundred  and  thirty-two  thousand  acres  of  land,  be  the  same  more 
or  less,  and  situated  in  the  present  State  of  Minnesota,  adjoining  and  adjacent  to  the 
line  of  railroad  of  the  said  party  of  the  first  part  as  hereinbefore  described,  in  aid 
of  the  construction,  equipment  or  completion  of  said  Railroad,  full  lists  of  which  will 
be  appended  to  this  instrument  as  said  lands  are  surveyed,  selected  and  certified, 
which  said  lists  are  to  be  signed  by  the  president  of  said  Company,  and  to  be  taken 
and  considered  ds  part  and  parcel  of  this  deed,  without  reference  to  the  dates  of  said 
lists ;  also,  all  and  singular  the  Railroad  of  the  party  of  the  first  part,  constructed  or 
to  be  constructed  upon  or  over  the  line  or  route  hereinbefore  designated,  viz. :  from 
Saint  Paul  to  the  waters  of  Lake  Superior ;  and  also  all  the  lands,  tenements  and 
hereditaments  acquired  or  appropriated,  or  which  may  hereafter  be  acquired  or 
appropriated,  for  the  purpose  of  a  right  of  way  for  said  Railroad,  or  any  continuation 
or  portion  thereof,  and  all  the  easements  and  appurtenances  thereunto  belonging  or 
in  anywise  appertaining,  and  all  railways,  ways,  and  rights  of  ways,  depot  grounds 
and  other  lands,  all  tracts,  bridges,  viaducts,  culverts,  fences  and  other 
structures,  all  depots,  station-houses,  engine-houses,  car-houses,  freight-  and1  ail  property 
houses,  wood-houses,  ware-houses,  machine-shops,  workshops,  super-  °(udgd>  road  m* 
structures,  erections  and  fixtures,  whether  now  held  or  hereafter  at  any 
time  acquired  for  the  use  of  the  said  railway,  or  in  connection  therewith  or  the  busi¬ 
ness  thereof ;  also,  all  locomotives,  tenders,  cars  and  other  rolling  stock  or  equipment, 
and  all  machinery,  tools,  implements,  fuel,  and  materials  for  the  constructing,  ope¬ 
rating,  repairing  or  replacing  said  railway,  or  any  part  thereof,  or  convenient  or 
necessary  for  use  in  connection  therewith ;  together  with  all  equipments  or  appurte¬ 
nances,  whether  now  held  or  hereafter  acquired ;  and  also,  all  franchises  connected 
with  or  relating  to  said  railway  and  said  line  of  telegraph,  or  the  construction, 
maintenance  or  use  thereof,  now  held  or  hereafter  acquired  by  the  party  of  the  first 
part,  and  all  corporate  franchises  of  any  nature,  including  the  franchise  to  be  a  corpo¬ 
ration,  which  are  now  or  may  hereafter  be  possessed  or  exercised  by  the  party  of  the 
first  part ;  together  with  all  and  singular  the  endowments,  income  and 
advantages,  tenements,  hereditaments  and  appurtenances  to  the  above- 
mentioned  lands,  railroad  or  property  belonging  or  in  anywise  appertaining,  and  the 
reversion  and  reversions,  remainder  and  remainders,  tolls,  income,  rents,  issues  and 


28 


profits  thereof;  and  also  all  the  estate,  right,  title,  interest,  property,  possession,  claim 
and  demand  whatsoever,  as  well  in  law  as  in  equity,  present  or  prospective,  of  the 
said  party  of  the  first  part,  of,  in  and  to  the  same,  and  every  part  and  parcel  thereof, 
with  the  appurtenances,  subject,  nevertheless,  to  the  provisions  of  the  Acts  of  Con¬ 
gress  of  the  United  States  and  of  the  Legislature  of  the  State  of  Minnesota  as  afore¬ 
said  : — 


Powers  of 
trustees. 


Payment  of 
interest  and 
principal  pro¬ 
vided  for. 


To  have  and  to  hold  the  above  described  premises,  property  and  appurtenances 
unto  the  said  parties  of  the  second  part,  as  joint  tenants  and  not  as  tenants  in  com¬ 
mon,  their  successors  and  assigns,  to  the  only  proper  use,  benefit  and  behoof  of  the 
parties  of  the  second  part,  their  successors  and  assigns,  in  trust  nevertheless,  for  the 
uses  and  purposes  hereinafter  declared  and  expressed,  to  wit : 

Article  First. — Until  default  shall  be  made  in  the  payment  of  principal  or  in¬ 
terest  of  the  said  bonds,  or  of  some  of  them,  or  until  default  shall  be 
made  in  respect  to  something  herein  required  to  be  done  or  kept  by  the 
party  of  the  first  part,  the  said  Company  shall  be  suffered  and  permitted 
to  possess,  manage,  operate,  use  and  enjoy  the  said  lands  and  property,  and  the  said 
railway,  with  its  equipments  and  appurtenances,  and  to  take  and  use  the  rents,  in¬ 
comes,  profits,  issues  and  tolls  thereof,  in  the  same  manner  and  with  the  same  effect 
as  if  this  indenture  had  not  been  made. 

Article  Second. — All  moneys  arising  from  the  sales  of  the  said  lands,  after  de¬ 
ducting  the  expenses  of  executing  this  trust,  are  hereby  pledged  to  the 
payment  of  the  said  bonds  and  of  the  interest  coupons  or  warrants 
thereto  attached,  and  all  such  moneys  shall  be  applied  by  the  trustees 
from  time  to  time,  as  they  shall  receive  the  same,  first,  to  the  payment, 
so  far  as  the  same  may  be  necessary,  of  the  coupons  or  interest- warrants  attached  to 
said  bonds  as  fast  as  the  same  shall  become  due  and  payable ;  secondly,  in  purchasing 
and  cancelling  such  outstanding  bonds  as  can  be  obtained  at  their  market  value,  noi 
exceeding,  hoAvever,  a  premium  of  ten  per  cent. ;  and  thirdly,  to  the  payment  of  such 
of  the  bonds  themselves  as  shall  not  have  been  purchased  in  accordance  with  the  fore¬ 
going  provisions,  when  the  same  shall  become  due  and  payable.  But  it  is  understood 
and  agreed  that  all  the  current  nett  earnings  and  income  of  the  said  Railroad  of  the 
said  party  of  the  first  part,  after  deducting  current  expenses,  shall  be  appropriated 
and  used  from  time  to  time,  if  necessary,  in  the  payment  of  the  interest  on  the  bonds 
secured  by  this  instrument. 

Article  Third. — If  there  shall  at  any  time  be  a  default  in  the  payment  of  any 
interest  or  principal  upon  or  of  the  bonds  secured  by  this  instrument,  as 
the  same  shall  become  payable,  and  such  default  continue  for  six  months, 
the  trustees  are  authorized  and  empowered,  in  their  discretion,  to  enter 
upon  and  sell  at  public  auction,  either  in  the  city  of  New  York  or  at  said  Saint  Paul, 
after  notice  of  such  sale  shall  have  been  published  at  least  twice  a  week  for  six  weeks 
in  one  or  more  newspapers  printed  at  said  New  York  and  Saint  Paul,  and  such  other 
place  as  they  may  think  proper  or  expedient,  so  much  of  such  lands  as  shall  be  neces¬ 
sary  to  pay  and  satisfy  such  liabilities. 

Article  Fourth. — The  said  lands  thus  granted  as  aforesaid,  and  all  other  lands 
which  have  been  or  may  be  hereafter  granted  to  the  party  of  the  first  part,  to  aid  in 
the  construction  or  completion  of  said  road,  excepting  that  portion  of  any  such 
lands  occupied  or  used,  or  that  may  now  or  hereafter  be  occupied  or  used,  for  the 
roadway,  depots  and  other  purposes  incident  and  convenient  to  the  proper  working 
of  said  road,  shall  be  carefully  valued  and  appraised  by  the  party  of  the  first  part, 
its  officers  or  agents,  in  divisions  and  parcels,  as  may  seem  to  them  most  expedient 


Provision  for 
sale  of  lands. 


29 


or  convenient  for  effecting  a  sale  thereof,  which  allotments  and  valuations  shall  be 
made  in  writing  from  time  to  time,  as  may  be  found  convenient  or  practicable,  and 
shall  be  subject  to  the  approval  of  the  trustees;  and  upon  such  approval,  a  duplicate 
thereof  shall  be  deposited  with  each  of  the  trustees,  and  also  with  the  treasurer  of  the 
party  of  the  first  part,  which  said  allotments  and  valuations  may  be  varied  and 
changed  from  time  to  time,  by  the  party  of  the  first  part,  as  the  value  of  the  lands 
may  be  enhanced  or  depreciated,  subject  to  the  approval  and  deposit  as  aforesaid. 

Article  Fifth. — The  party  of  the  first  part  shall  at  all  times  be  at  liberty  to 
contract  for  the  sale  of  any  parcel  or  parcels  of  said  land  at  such  approved  prices, 
and  upon  such  terms  as  to  payment  as  shall  be  fair  and  reasonable,  and  Further  provi- 
such  sale  or  sales  may  be  for  cash  or  on  credit,  or  partly  for  cash  and  sion  for  sale  of 
partly  on  credit;  any  of  the  bonds  aforesaid  shall  be  received  at  the  par  lands- 
value  thereof  as  cash,  and  the  balance  of  such  price  may  be  secured  by  a  mortgage  on 
the  parcel  or  parcels  of  land  so  sold.  If  such  sale  or  sales  shall  be  made  for  cash, 
then  upon  the  payment  of  such  cash  or  surrender  of  such  bonds  to  the  trustees,  the 
said  trustees,  or  either  of  them,  shall,  by  proper  deeds  or  instruments  executed  by 
them,  or  either  of  them,  or  by  the  duly  authorized  agent  or  attorney  of  the  said 
trustees,  grant  and  convey  such  parcel  or  parcels  of  land  to  the  purchaser  or  pur¬ 
chasers  thereof,  by  full  and  sufficient  deeds.  If  such  sale  or  sales  shall  be  made  upon 
credit,  in  whole  or  in  part,  then  the  said  trustees,  or  either  of  them,  shall  and  may, 
by  proper  deeds  or  instruments,  executed  by  them,  or  either  of  them,  as  aforesaid, 
grant  and  convey  such  parcel  or  parcels  of  land  to  the  purchaser  or  purchasers 
thereof,  and  shall  receive  from  such  purchaser  or  purchasers  his  or  their  note 
or  notes,  bond  or  bonds,  for  the  part  of  such  price  then  unpaid,  together  with 
and  secured  by  his  or  their  mortgage  or  mortgages  upon  such  parcel  or  parcels 
of  land,  and  shall  hold  the  same,  and  all  moneys  received  therefrom,  upon  the  trusts 
herein  mentioned.  And  in  either  case,  and  in  case  of  any  sale  or  sales  of  land  made 
by  said  trustees,  under  the  provisions  hereof,  the  said  deeds  of  the  said  trustees, 
or  of  either  of  them,  shall  be  valid  and  effectual  for  the  purpose  of,  and  shall 
invest  the  purchaser  or  purchasers  named  therein,  with  a  full,  perfect  and  complete 
title  to  the  premises  therein  described,  free  and  clear  of  all  incumbrances,  on 
account  of,  or  connected  with,  the  issue  of  the  bonds  secured  by  this  instrument, 
and  shall  include  as  well  the  title  of  the  party  of  the  first  part  hereto  as  of  the 
trustees  aforesaid  ;  and  provided,  also,  that  the  said  trustees  may  in  their  discretion 
lease  or  otherwise  grant  from  time  to  time  the  right  to  such  party  or  parties,  whether 
individual  or  corporate,  as  they  may  approve,  of  cutting  timber,  or  of  using  any  water¬ 
power,  or  mining  coal  or  mineral  ores  of  any  kind,  or  of  excavating  slate,  or  of  using 
any  of  the  land  or  other  property  hereby  granted,  such  lease  or  grant  to  be  on  such 
terms  and  for  such  time  as  said  trustees  may  approve,  the  proceeds  nevertheless  to 
be  applied  to  the  purposes  of  the  trust  in  the  manner  herein  specified. 

Article  Sixth. — The  trustees  shall  have  full  power,  from  time  to  time,  to  employ 
such  clerks  and  assistants  as  they  shall  find  necessary  to  enable  them 
to  discharge  properly  the  duties  devolving  upon  them  under  the  pro-  Jmpio^agents. 
visions  of  this  instrument,  in  respect  to  the  sale  or  conveyance  of  the 
lands  granted  as  aforesaid,  or  which  may  hereafter  be  acquired  by  the  said  parties 
of  the  first  part  in  aid  of  said  Railroad,  and  conveyed,  or  intended  to  be  conveyed 
hereby;  and  they  shall  have  power  to  appoint  one  or  more  agents  or  attorneys,  to  act 
generally  in  their  behalf  in  respect  thereto,  and  from  time  to  time  remove  such  agent 
or  agents,  attorney  or  attorneys,  and  substitute  or  appoint  others  in  the  place  or  places 
of  the  agent  or  attorneys  so  removed ;  and  all  conveyances  made  and  executed  by 


30 


either  of  such  agents  or  attorneys,  and  all  other  acts  performed  by  either,  within  the 
scope  of  the  powers  delegated  to  or  conferred  upon  him  by  said  trustees,  and  within 
the  scope  of  the  powers  herein  granted  to  or  conferred  upon  said  trustees,  shall  be  legal 
and  valid  to  every  intent  and  pui-pose  as  if  executed,  done,  or  performed  by  said 
trustees. 

Article  Seventh. — Conveyances  of  the  said  lands  may  be  from  time  to  time, 
and  at  all  times,  made  and  executed  by  either  of  the  trustees,  or,  under 
by 'trustees?3  their  authority,  by  an  agent  appointed  by  them,  as  provided  in  article 
sixth,  and  being  so  made  and  executed,  shall  be  effectual  to  divest  the 
title  of  all  the  trustees;  but  in  respect  to  any  conveyances  made  by  one  of  the  trustees 
or  the  lands  embraced  therein,  or  the  proceeds  of  sale  thereof,  the  trustee  not  joining 
shall  be  in  no  manner  answerable. 

Article  Eighth. — In  case  default  shall  be  made  in  the  payment  of  any  interest 
on  any  of  the  aforesaid  bonds,  secured  by  this  instrument,  issued  or  to  be  issued,  ac¬ 
cording  to  the  tenor  of  the  coupons  or  interest- warrants  thereto  attached, 
takTpossesAon  or  in  any  requirement  to  be  done  or  kept  by  the  party  of  the  first  part, 

fault86  °f  de"  anc^  ^  such  default  shall  continue  for  the  period  of  six  months,  it  shall 

be  lawful  for  the  said  trustees  personally,  or  by  their  attorney  or  attor¬ 
neys,  agent  or  agents,  to  enter  into  and  upon  all  and  singular  the  lands,  property  and 
premises  hereby  conveyed,  or  intended  so  to  be,  and  each  and  every  part  thereof,  and 
exclude  the  party  of  the  first  part,  and  its  agents,  wholly  therefrom,  and  to  have, 
hold  and  use  the  same,  operating  by  their  superintendents,  managers,  receivers, 
agents,  servants  or  attorneys,  the  said  railway,  and  conducting  the  business  thereof, 
and  making  from  time  to  time  all  repairs  and  replacements,  and  such  useful  altera¬ 
tions,  additions  and  improvements  thereto,  as  may  seem  to  them  to  be  judicious,  and 
to  collect  and  receive  all  tolls,  freight,  income,  rents,  issues  and  profits  of  the  same, 
and  of  every  part  thereof;  and  after  deducting  the  expenses  of  operating  the  said  rail¬ 
way  and  conducting  its  business,  and  of  all  the  said  repairs,  replacements, ^alterations, 
additions  and  improvements,  and  all  payments  which  may  be  made  for  taxes,  assess¬ 
ments,  charges  or  liens,  prior  to  the  lien  of  these  presents,  upon  the  said  property  or 
premises,  or  any  part  thereof,  as  well  as  a  just  compensation  for  their  own  services, 
to  apply  the  moneys  arising  as  aforesaid  to  the  payment  of  the  interest,  in  the  order 
in  which  such  interest  shall  have  become  or  shall  become  due,  ratably,  to  the  per¬ 
sons  holding  the  coupons  or  interest-warrants  evidencing  the  right  to  such  interest, 
and  after  paying  all  interest  which  shall  have  become  due,  to  apply  the  same  to  the 
satisfaction  of  the  principal  of  the  aforesaid  bonds,  which  may  be  at  that  time  due 
and  unpaid,  ratably,  and  without  discrimination  or  preference. 

Article  Ninth. — In  case  default  shall  be  made  as  aforesaid,  and  shall  continue 
as  aforesaid,  it  shall  likewise  be  lawful  for  the  said  trustees,  after  entry  as  aforesaid, 
or  other  entry,  or  without  entry,  personally  or  by  their  attorney  or  attorneys,  agent 
or  agents,  to  sell  and  dispose  of  all  and  singular  the  land,  property  and  premises 
hereby  conveyed,  or  intended  so  to  be,  or  only  so  much  and  such  parts  thereof  as 
they  shall  deem  necessary  or  proper,  with  a  due  regard  to  the  interests  of  all  parties, 
at  public  auction  in  the  city  of  New  York,  or  at  such  place  in  the  State  of  Minnesota 
as  they  may  designate,  and  at  such  time  as  they  may  appoint,  having  first  given 
notice  of  the  time  and  place  of  such  sale  by  advertisement,  published  not  less  than 
twice  a  week  for  three  months,  or  such  shorter  time,  not  less  than  forty  days,  as  the 
party  of  the  first  part  may,  by  resolution  of  its  board  of  directors,  assent  to,  in  one 
or  more  newspapers,  in  the  cities  of  New  York  and  Saint  Paul,  or  to  adjourn  the 
said  sale  from  time  to  time,  in  the  discretion  of  said  trustees,  and  after  so  adjourning, 


31 


to  make  the  sale  at  the  time  and  place  to  which  the  same  may  be  so  adjourned;  and 
on  receiving  full  payment  for  the  same,  to  make  and  deliver  to  the  purchaser  or 
purchasers  thereof  good  and  sufficient  deed  or  deeds  in  law  for  the  same,  in  fee 
simple,  which  sale,  made  as  aforesaid,  shall  be  a  perpetual  bar,  both  at  law  and  in 
equity,  against  the  party  of  the  first  part,  and  all  other  persons  lawfully  claiming, 
or  to  claim,  the  said  lands,  property  and  premises,  or  any  part  thereof,  by,  from, 
through  or  under  it.  And  after  deducting  from  the  proceeds  of  such  sale  just 
allowances  for  all  expenses  of  the  said  sale,  including  attorney’s  and  counsel  fees, 
and  all  other  expenses,  advances  or  liabilities  which  may  have  been  made  or 
incurred  by  the  said  trustees  in  operating  the  said  railway,  or  in  maintaining  the 
same,  or  in  managing  its  business  while  in  possession,  and  all  payments  which 
may  have  been  made  by  them  for  taxes  or  assessments,  and  for  charges  and  liens 
prior  to  the  lien  of  these  presents,  upon  the  said  lands,  property  and  premises,  or 
any  part  thereof,  as  well  as  compensation  for  their  own  services,  to  apply  the  said 
proceeds  to  the  payment  of  the  principal  of  such  of  the  aforesaid  bonds  as  may  be 
at  that  time  unpaid,  whether  or  not  the  same  shall  have  previously  become  due,  and 
of  the  interest  which  shall  at  that  time  have  accrued  on  the  said  principal  and  be 
unpaid,  without  discrimination  or  preference,  but  ratably,  to  the  aggregate  amount 
of  such  unpaid  principal  and  accrued  and  unpaid  interest;  and  after  satisfaction 
thereof,  to  pay  over  the  surplus  of  such  proceeds  as  shall  remain  to  the  said  parties 
of  the  first  part,  or  to  such  other  parties  as  may  be  then  entitled  to  receive  the  same. 
And  it  is  hereby  declared,  that  the  receipt  or  receipts  of  the  said  trustees  shall  be  a 
sufficient  discharge  to  the  purchaser  or  purchasers  of  the  said  premises,  lands  and 
property,  or  of  any  part  thereof,  for  his  or  their  purchase-money,  and  that  such 
purchase  or  purchasers,  his  or  their  heirs,  executors  or  administrators,  shall  not, 
after  payment  thereof  and  having  such  receipt,  be  liable  to  see  to  said  moneys  being 
applied  upon  or  for  the  trusts  or  purposes  of  these  presents,  or  in  any  manner  what¬ 
soever  be  answerable  for  any  loss,  misapplication  or  non-application  of  such  purchase- 
money,  or  any  part  thereof,  or  be  obliged  to  inquire  into  the  necessity,  expediency  or 
authority  of  or  for  any  such  sale. 

Article  Tenth. — All  the  trust  moneys  which  shall  come  to  the  hands  of  the 
trustees,  until  the  same  shall  be  applied  or  used  in  accordance  with  the 

’  .  ,  x  x  m  When  moneys 

provisions  herein  contained,  shall  be  invested  in  United  States  stocks,  or  received  by 

'  trustG6S« 

deposited  in  the  city  of  New  York  or  Philadelphia,  in  such  bank  or 
trust  company  as  said  trustees  may  select,  upon  the  best  interest  that  said  trustees 
may  be  able  to  procure  for  the  same,  and  all  interest  derived  from  such  investment 
or  deposit  shall  be  applied  by  said  trustees  to  the  payment  of  the  said  bonds  of  the 
party  of  the  first  part  secured  hereby. 

Article  Eleventh. — At  any  sale  of  the  aforesaid  railroad  equipments  and  ap¬ 
purtenances,  or  any  part  thereof,  whether  made  by  virtue  of  the  power 
herein  granted  or  by  judicial  authority,  the  trustees  may  bid  for  and  purchase  *on> 
purchase,  or  cause  to  be  bid  for  and  purchased,  the  property  so  sold,  or  holders0/  b°ud" 
any  part  thereof,  in  behalf  of  all  the  holders  of  the  bonds  secured  by 
this  instrument  and  then  outstanding,  in  the  proportion  of  the  respective  interests 
ctf  such  bondholders,  at  a  reasonable  price,  if  but  a  portion  of  the  said  property  shall 
be  sold,  or  if  the  whole  of  it  be  sold  at  a  price  not  exceeding  the  whole  amount 
of  such  bonds  outstanding,  with  the  interest  accrued  and  unpaid  thereon. 

Article  Twelfth. — In  case  default  shall  be  made  in  the  payment  of  any  half- 
year’s  interest  on  any  of  the  aforesaid  bonds,  at  the  time  and  in  the  manner  in  the 
coupon  issued  therewith  provided,  the  said  coupon  having  been  presented,  and  the 


/ 


82 


payment  of  the  interest  therein  specified  having  been  demanded,  and  if  such  default 
continue  for  the  period  of  six  months  after  the  said  coupon  shall  have  become  due, 
then  in  such  case  the  principal  of  all  the  bonds  secured  hereby  shall, 
come  due  in  at  the  election  of  the  trustees,  become  and  be  immediately  due  and 
case  o  le  au  .  payap}e>  anything  contained  in  the  said  bonds  or  herein  to  the  contrary 
notwithstanding.  But  a  majority  in  interest  of  the  holders  of  the  said  bonds  may 
in  writing,  or  by  a  vote  of  a  meeting  duly  held,  instruct  the  trustees  to  declare  the 
said  principal  to  be  due,  or  to  waive  the  right  so  to  declare,  on  such  terms  and  con¬ 
ditions  as  such  majority  shall  deem  proper,  or  may  annul  or  reverse  the  election 
of  the  said  trustees,  provided  that  no  action  of  the  trustees  or  bondholders  shall 
extend  to  or  be  taken  to  effect  any  subsequent  default,  or  to  impair  the  rights  result¬ 
ing  therefrom. 

Meetings  of  the  holders  of  the  bonds  secured  by  this  instrument  may  be  called  by 
the  trustees,  or  in  such  other  mode  as  may  be  fixed  by  regulations 

Meetings  of  ’  .  . 

bondholders  prescribed  or  established,  as  hereinafter  provided,  and  the  bond- 

may  be  called  iii  ii  i  i  ,1 

holders  may  vote  thereat,  by  person  or  by  proxy,  and  the  quorum 
may  be  defined,  and  such  other  regulations  or  by-laws  in  respect  to  such  meetings 
may  be  from  time  to  time  established,  altered  or  repealed  by  the  bondholders,  acting 
by  a  majority  in  interest,  as  to  them  shall  seem  expedient.  And  until  the  bond¬ 
holders  shall  act,  such  powers  may  be  temporarily  exercised  by  the  trustees.  The 
trustees  shall  have  a  right  to  require,  at  their  option,  that  any  act  or  resolution 
of  the  said  bondholders  affecting  the  duties  of  the  trustees,  or  the  interest  of  the 
trust  hereby  created,  shall  be  authenticated  by  the  signatures  of  all  the  persons 
assenting  thereto,  as  well  as  by  a  minute  of  the  proceedings  of  any  such  meeting. 

Article  Thirteenth. — The  party  of  the  first  part  shall  from  time  to  time,  and 
at  all  times  hereafter  and  as  often  as  thereunto  requested  by  the  trustees,  make, 
execute,  acknowledge,  and  deliver  all  such  further  deeds,  conveyances,  and  assurances 
in  the  law,  for  the  better  assuring  unto  the  trustees  and  their  successors  in  the  trust 
hereby  created  upon  the  trusts  herein  expressed,  the  lands,  premises,  property,  railway 
equipments  and  appurtenances  hereinbefore  mentioned  and  referred  to,  or  in¬ 
tended  so  to  be,  and  all  other  property  and  things  whatsoever  which  may  be  hereafter 
acquired  in  aid  of  or  for  use  in  connection  with  the  same,  or  any  part  thereof,  and  all 
franchises  now  held  or  hereafter  acquired,  including  the  franchise  to  be  a  corporation* 
as  by  the  trustees,  or  by  their  counsel  learned  in  the  law,  shall  be  reasonably  devised, 
advised  or  required.  And  the  party  of  the  first  part  shall  furnish  to  the  trustees, 
from  time  to  time,  upon  their  reasonable  request  in  writing,  a  full  and  true  inventory 
of  all  the  movable  property  appertaining  to  the  said  Bailroad  and  the  operation 
thereof,  and  which  is  transferred,  or  agreed  or  intended  to  be  transferred,  by  this  in¬ 
denture;  but  no  default  to  demand  or  to  furnish  such  inventory  shall  impair  the  ope¬ 
ration  of  this  indenture  upon  any  or  all  of  the  property  herein  agreed  to  be  trans¬ 
ferred,  or  intended  so  to  be. 

Article  Fourteenth. — The  trustees  shall  have  full  power,  in  their  discretion 
and  upon  the  written  request  of  the  party  of  the  first  part,  to  convey,  by  release  or 
otherwise,  to  the  persons  designated  by  the  party  of  the  first  part,  the 
whole  or  any  part  of  any  lands  acquired  or  held  or  used  for  the  pur¬ 
poses  of  stations,  depots,  shops,  or  other  buildings  or  erections,  or  the 
uses  connected  therewith,  and  shall  alsQ  have  power  to  convey  as  aforesaid  any  lands, 
whether  donated  by  the  United  States  government,  or  the  State  of  Minnesota,  or 
otherwise,  which  in  the  judgment  of  the  trustees  shall  not  be  necessary  for  use  in  con¬ 
nection  with  the  said  Bailroad,  or  which  may  have  been  held  for  a  supply  of  fuel, 


Property  used 
as  stations. 


33 


gravel,  or  other  material,  and  also  to  convey,  as  aforesaid,  any  lands  which  may  be¬ 
come  disused  by  reason  of  a  change  of  the  location  of  any  station-house,  depot,  shop 
or  other  building  connected  with  the  said  railway,  and  such  lands  occupied  by  the 
track,  and  adjacent  to  such  station-house,  depot,  shop  or  other  building,  as  the  said 
party  may  deem  it  expedient  to  disuse  or  abandon  by  reason  of  such  change,  and  to 
consent  to  any  such  change,  and  such  other  changes,  in  the  location  of  the  track  as 
in  their  judgment  shall  have  become  expedient,  and  to  make  and  deliver  the  con¬ 
veyances  necessary  to  carry  the  same  into  effect.  But  any  lands  which  may  be  ac¬ 
quired  for  permanent  use  in  substitution  for  any  so  released  shall  be  conveyed  to  the 
trustees  upon  the  trusts  of  these  presents.  And  the  trustees  shall  also  have  full  power 
to  allow  the  said  party  of  the  first  part,  from  time  to  time,  to  dispose  of,  according  to 
its  discretion,  such  portions  of  the  machinery,  equipments,  and  implements  at  any 
time  held  or  acquired  for  the  use  of  the  said  railway  as  may  have  become  unfit  for 
such  use,  replacing  the  same  by  new,  which  shall  be  conveyed  to  the  trustees,  or  be 
otherwise  made  subject  to  the  operation  of  these  presents. 

Article  Fifteenth. — If  the  said  party  of  the  first  part  shall  well  and  truly  pay 
the  sum  of  money  herein  required  to  be  paid  by  it,  and  all  interest  thereon,  at  the 
times  and  in  the  manner  herein  specified,  and  shall  well  and  truly  keep  and  perform 
all  the  things  herein  required  to  be  kept  and  performed  by  the  said  party,  according 
to  the  true  intent  and  meaning  of  these  presents,  then  and  in  that  case  the  estate,  right, 
title  and  interest  of  the  said  parties  of  the  second  part,  as  trustees  aforesaid,  shall 
cease,  determine  and  become  void,  otherwise  the  same  shall  be,  continue,  and  remain 
in  full  force  and  virtue. 

Article  Sixteenth. — It  is  hereby  agreed  and  declared  that  it  shall  be  the  duty 
of  the  trustees  to  exercise  the  power  of  entry  hereby  granted  and  conferred,  or  the 
power  of  sale  hereby  granted,  conferred  and  delegated,  or  both,  or  to  take  appropriate 
legal  proceedings  to  enforce  the  rights  of  the  bondholders  under  these  presents,  upon 
the  requisition  in  writing  as  hereinafter  specified,  as  applicable  to  the  several  cases 
of  default,  in  the  manner  and  subject  to  the  qualifications  hereinafter  provided,  as 
follows : 

I.  If  the  default  be  as  to  interest  or  principal  of  any  bonds  provided  for  by  this  in¬ 
denture,  such  requisition  upon  the  said  trustees  shall  be  by  the  holders  of  not  less 
than  one  million  dollars  in  the  aggregate  amount  of  said  bonds ;  and  upon  such 
requisition,  and  a  proper  indemnification  by  the  persons  or  bondholders  making  the 
same,  to  the  trustees,  against  the  costs  and  expenses  so  to  be  by  them  incurred,  it  shall 
be  the  duty  of  the  trustees  to  enforce  the  rights  of  the  bondholders  under  this  inden¬ 
ture,  by  entry,  sale,  or  legal  proceedings,  as  they,  being  advised  by  counsel  learned 
in  the  law,  shall  consider  most  expedient  for  the  interest  of  all  the  holders  of  the 
bonds  secured  hereby. 

II.  If  the  default  be  in  the  omission  of  any  act  or  thing  required  by  article  thirteenth 
of  these  presents,  for  the  further  assuring  of  the  title  of  the  trustees  to  any  property 
or  franchises  now  possessed  or  hereafter  acquired  by  the  party  of  the  first  part, 
or  in  any  provision  herein  contained  to  be  performed  or  kept  by  the  said  party  of 
the  first  part,  theh  and  in  either  of  such  cases  the  requisition  shall  be  as  aforesaid ; 
but  it  shall  be  within  the  discretion  of  the  trustees  to  enforce  or  waive  the  rights  of 
the  bondholders,  by  reason  of  such  default,  subject  to  the  powers  hereby  declared  of 
a  majority  in  interest  of  the  holders  of  the  said  bonds,  by  requisition  in  writing  or 
by  a  vote  at  a  meeting  duly  held,  to  instruct  the  trustees  to  waive  such  default,  or  to 
enforce  their  rights  by  reason  thereof,  provided  that  no  action  of  the  said  trustees 
or  bondholders,  or  both,  in  waiving  any  such  default,  or  otherwise,  shall  extend  to 


34 


or  be  taken  to  affect  any  subsequent  default,  or  to  impair  the  rights  resulting 
therefrom. 

Article  Seventeenth. — It  is  mutually  agreed  that  the  term  or  words  “  trustees” 
and  “said  trustees,”  as  used  in  this  indenture,  shall  be  held  and  construed  to  mean 
the  trustees  for  the  time  being,  whether  all  or  any  be  original  or  new,  and  whenever 
a  vacancy  shall  exist,  to  mean  the  surviving  or  continuing  trustee ;  and  such  trustee 
shall,  during  such  vacancy,  be  possessed  of  and  be  competent  to  exercise  all  the 
powers  granted  by  these  presents  to  the  parties  of  the  second  part. 

Further ,  That  at  all  times  until  said  bonds  shall  be  fully  paid,  writh  the  interest  due 
and  to  grow  due  thereon,  the  party  of  the  first  part  will  permit  the  trus- 
specfbook^^&c?*  tees  or  their  agents,  clerks,  or  attorneys,  for  that  purpose  to  be  duly 
authorized  fully  to  inspect  all  the  books  of  account  of  the  party  of  the 
first  part,  together  with  its  books,  reports,  memoranda  or  other  papers,  and  to  take 
such  extracts  therefrom  as  may  be  deemed  expedient. 

And  it  is  further  mutually  agreed  by  and  between  the  parties  hereto,  and  it  is  hereby 
declared  to  be  a  condition  upon  which  the  parties  of  the  second  part  have  assented 
to  these  presents,  that  the  said  trustees  shall  not  in  any  manner  be  held  responsible 
for  any  act,  default  or  misconduct  of  each  other,  nor  for  any  default  or  misconduct 
of  any  agents  or  persons  employed  by  them  in  good  faith,  nor  shall  either  of  them 
be  answerable  except  for  his  own  wilful  default  or  misconduct ;  and  in  case  said  trustees, 
or  either  of  them,  shall  go  into  possession  of  the  said  mortgaged  premises,  and  ope¬ 
rate  the  same  as  hereinbefore  provided,  they  shall  be  indemnified  out  of  the  funds 
and  property  which  shall  come  into  their  hands  as  aforesaid,  for  all  claims  and  de¬ 
mands  against  them  arising  from  the  negligence,  carelessness  or  misconduct  of  their 
employees ;  and  in  all  cases  said  trustees  shall  be  authorized  to  pay  such  reasonable 
compensation  as  they  shall  deem  proper,  to  all  the  attorneys,  servants  and  agents 
they  may  reasonably  employ  in  the  management  of  their  trust;  that  the  said  trustees 
shall  have  and  be  entitled  to  just  compensation  for  all  services  which  they,  or  either 
of  them,  may  render  in  connection  with  their  trust,  to  be  paid  by  the  said  Company ; 
that  either  of  the  said  trustees,  or  any  successor,  may  resign  and  discharge  himself 
of  and  from  the  trust  created  by  this  indenture,  by  notice  in  writing  to  the  party  of 
the  first  part,  and  to  the  existing  trustee,  if  there  be  such,  at  least  sixty  days  before 
such  resignation  shall  take  effect,  or  such  shorter  time  as  may  be  accepted  as  adequate 
notice,  and  upon  the  due  execution  and  delivery  of  the  conveyances  hereinafter  re¬ 
quired.  That  the  said  trustees,  or  either  of  them,  may  be  removed  by  a  vote  of  a 
majority  in  interest  of  the  holders  of  the  aforesaid  bonds,  the  said  vote  being  had 
and  taken  at  a  meeting  duly  held  of  the  said  bondholders,  and  attested  by  an 
instrument  under  the  hands  and  seals  of  the  persons  so  voting.  That 

Court  may  ap¬ 
point  trustees  m  case  at  any  time  hereafter  either  of  the  said  trustees,  or  any  trustee 

'  acancj .  pereafter  appointed,  shall  die  or  resign,  or  be  removed  as  herein  pro¬ 
vided,  or  by  a  court  of  competent  jurisdiction,  or  shall  become  incapable  or  unfit 
to  act  in  the  said  trust,  a  successor  to  the  said  trustee  shall  be  appointed  by  the 
surviving  or  continuing  trustee,  with  the  consent  of  the  holders  for  the  time  being 
of  a  majority  in  interest  of  the  said  bonds  then  outstanding,  or  the  consent,  of  a 
meeting  duly  held,  of  the  holders  of  the  said  bond;  and  the  trustee  so  appointed, 
with  the  trustee  so  surviving  or  continuing,  shall  thereupon  become  vested  with  all 
the  powers,  authorities,  and  estates  granted  to  or  conferred  upon  the  parties  of  the 
second  part  by  this  indenture,  and  all  the  rights  and  interests  requisite  to  enable 
him  to  execute  the  purposes  of  this  trust,  without  any  further  assurance  or  convey¬ 
ance,  so  far  as  such  effect  may  be  lawful.  But  the  surviving  or  continuing  trustee 


35 


shall  immediately  execute  all  such  conveyances  and  other  instruments  as  may  be  fit, 
expedient,  necessary,  or  requisite  for  the  purpose  of  assuring  the  legal  estate  in  the 
premises  jointly  with  himself,  to  the  trustee  so  appointed.  And  upon  the  death, 
resignation,  or  removal  of  any  trustee,  or  upon  any  appointment  in  his  place  and 
stead,  in  pursuance  of  the  provisions  of  this  indenture,  all  his  powers  and  authority 
by  virtue  hereof  shall  cease,  and  all  the  estate,  right,  title,  and  interest  in  the  said 
property,  lands,  and  premises,  of  any  trustee  so  dying,  resigning,  or  removal,  shall, 
if  there  be  a  co-trustee  surviving  or  continuing  in  office,  wholly  cease  and  deter¬ 
mine  ;  but  the  said  trustee  so  resigning  or  removed  shall,  on  the  written  request  of 
the  new  trustee  who  may  be  appointed,  immediately  execute  and  duly  deliver  a  deed 
or  deeds  of  conveyance,  to  vest  in  such  a  new  trustee,  jointly  with  the  continuing 
trustee,  and  upon  the  trusts  herein  expressed,  all  the  lands,  property,  estates,  rights, 
and  franchises  which  may  be  at  that  time  held  upon  the  said  trusts.  And  in  case  it 
shall  at  any  time  hereafter  prove  impracticable,  after  reasonable  exertions,  to  ap¬ 
point,  in  the  manner  hereinbefore  provided,  a  successor  in  any  vacancy  which  may 
happen  in  the  said  trust,  application,  in  behalf  of  all  the  holders  of  the  bonds  secured 
hereby,  may  be  made  by  the  surviving  or  continuing  trustee,  or  if  the  trust  be 
wholly  vacant,  by  holders  of  the  said  bonds  to  the  aggregate  amount  of  one  hundred 
thousand  pounds,  to  any  Circuit  Court  of  the  United  States,  for  any  judicial  district 
in  which  any  part  of  the  aforesaid  may  be  situate,  for  the  appointment  of  a  new 
trustee. 

ftt  tyVlxtxwi,  the  party  of  the  first  part  hath  caused  its  corporate 

seal  to  be  hereunto  affixed,  and  the  same  to  be  attested  by  the  signatures  of  its  presi¬ 
dent  and  secretary ;  and  the  parties  of  the  second  part,  to  testify  their  acceptance 
of  the  trust  hereby  created,  have  hereunto  set  their  hands  and  seals  the  day  and  year 
first  above  written. 


. 


\ 


( 


I 


' 


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